World Bank Group provides over $10.4 billion to Emerging Europe and Central Asia

09:54 | In the world Congressman Cicilline calls for recognition, apology

U.S. Congressman David N. Cicilline in a statement called on Turkish Prime Minister Recep Tayyip Erdogan to formally acknowledge and apologize for the Armenian Genocide.
Source: The Armenian Weekly
09:32 | Region Turkish-Armenian writer given jail sentence for blasphemy

An Istanbul court has sentenced a Turkish-Armenian author and blogger to more than a year in prison for insulting the Prophet Mohammad.
Source: Asbarez.com
09:18 | In the world West may boost Syria rebels if Assad won't talk peace

Washington threatened on Wednesday to increase support for Syria's rebels if President Bashar al-Assad refuses to discuss a political end to a civil war that is spreading across borders.
Source: Reuters
09:13 | In the world Stockholm riots challenge image of happy, generous state

Hundreds of youth have torched cars and attacked police in four nights of riots in immigrant suburbs of Sweden's capital.
Source: Reuters
09:05 | In the world Dead Boston bombings suspect involved in 2011 slayings

Deceased Boston Marathon bombing suspect Tamerlan Tsarnaev participated in a 2011 gruesome triple homicide outside Boston along with a Chechen killed early Wednesday during a confrontation with the FBI and Massachusetts State Police in Orlando, Florida.
Source: CNN
08:59 | In the world Man arrested in ricin letter probe

A 37-year-old man arrested Wednesday in Washington state as part of an investigation of ricin-laced letters threatened in one such letter to injure and kill a federal judge.
Source: CNN
08:53 | In the world US confirms four American citizens killed by drones

In a letter to the Senate judiciary committee, Eric Holder defended the targeted killing of Anwar al-Awlaki.
Source: BBC
08:49 | In the world Man dead in suspected UK terror attack

A man has been killed in a machete attack and two suspects shot and wounded by police in Woolwich.
Source: BBC
08:42 | Armenia No precipitation expected in Armenia

Only in the eastern regions transitory rain and thunderstorm is possible in spots after midday.
Source: Meteo-TV
22:00 | In the world Analysis: From opera to exercises, U.S. and China deepen military ties

Even as the United States accuses China of military espionage and worries about Beijing's more strident posture in the Asia-Pacific region, the ties between the armed forces of the two nations have been getting closer.
Source: Reuters
21:45 | In the world Russia’s Eurovision contestant attempts to calm vote row

There was no need for an investigation into “lost” Azerbaijani votes for her performance.
Source: Ria.ru
21:33 | In the world EU leaders in drive against tax evasion at Brussels summit

Austria has joined its EU partners in calling for a crackdown on tax evasion, despite the country's banking secrecy.
Source: BBC
21:25 | In the world Israel's air force chief says his troops need to be ready to act quickly in case of an attack from Syria

The remarks by Maj. Gen. Amir Eshel Wednesday echo statements by Israel's military chief of staff a day earlier.
Source: ABC news
21:12 | In the world Fitness-for-work tests unfair on people with mental health problems, court says

Test used to determine whether hundreds of thousands of people are eligible to claim sickness benefits substantially disadvantages people with mental health conditions.
Source: The Guardian
21:11 | In the world The average British barbecue contains TWICE as many germs as a toilet seat

Hygiene expert Dr Lisa Ackerley found the typical outdoor grill contains a staggering 1.7 million microbes per 100cm sq.
Source: The Daily Mail
21:05 | In the world Rescuers search Oklahoma tornado town ruins as recovery starts

Rescue workers with sniffer dogs picked through the ruins of an Oklahoma town on Wednesday to ensure no survivors remained buried after a deadly tornado left thousands homeless.
Source: Reuters
21:02 | Region Caspian Research Institute: Azerbaijan and Iran are engaged in something of a ‘cold war’

Azerbaijan and Iran have been engaged in something of a ‘cold war’ for some time, although the roots of the tense relationship date back to the fall of the Soviet Union, the article published in London based scientific research center Caspian Research Institute site reads.
Source: Caspian Research Institute
20:53 | In the world Petraeus’s role in drafting Benghazi talking points raises questions

The controversy over the Obama administration’s response to the Benghazi attack last year began at a meeting over coffee on Capitol Hill three days after the assault.
Source: The Washington Post
20:45 | In the world Egyptian President announces release of officers kidnapped in Sinai

The crisis recalled an attack on a Sinai military checkpoint last August that resulted in the deaths of 16 soldiers, humiliated the Egyptian military, and helped compel the generals who had ruled Egypt to hand full power to the first civilian president.
Source: The New York Times
20:40 | In the world Steven Seagal ‘almost chechen’ - Kadyrov

Hollywood star spent time on Wednesday with Ramzan Kadyrov, the former militant fighter who now heads Chechnya.
Source: Ria.ru
20:33 | In the world Venezuela ends toilet paper shortage

Venezuela's National Assembly has backed plans to import 39 million rolls of toilet paper, in an effort to relieve a chronic shortage.
Source: BBC
20:25 | Region Iran bars prominent candidates from ballot

The clerical committee that vets election candidates in Iran barred two important contenders from the ballot for next month's presidential election, virtually guaranteeing that the next head of government will be loyal to the regime of Supreme Leader Ayatollah Ali Khamenei.
Source: The Wall Street Journal
20:18 | In the world Oklahoma Tornado: 2 devastated elementary schools had no safe rooms

Both schools were destroyed when an EF-5 twister with winds of at least 200 mph killed 24 people Monday and injured hundreds more.
Source: ABC news
20:12 | In the world FBI says man shot dead while being questioned about Boston bombings

An FBI agent shot and killed a Florida man who turned violent while being questioned about the Boston Marathon bombings early on Wednesday, the bureau said.
Source: Reuters
20:06 | In the world Ahmadinejad to contest poll bar on ally Mashaei

Iran's President says he will contest the disqualification of his ally Esfandiar Rahim Mashaei from next month's presidential poll.
Source: BBC
20:00 | In the world Eric Garcetti wins Los Angeles mayor's race

Eric Garcetti has won the race to be the 42nd mayor of Los Angeles, becoming the first Jewish mayor in the city's history.
Source: USA Today
18:58 | Region Slovak journalist: It is a catastrophe that few people know of Artsakh

“In my country, very few people know of Artsakh and I think it is a catastrophe because there are people and churches here, and there is life here.”
Source: Panorama.am
17:47 | Region U.S. Ambassador to Azerbaijan: Karabakh conflict settlement is not related to energy projects

We are interested in the resolution of the Nagorno Karabakh conflict, but this issue has nothing to do with the implementation of energy projects.
Source: APA
17:11 | Region Turan: Azerbaijan commanded to ‘‘bring Russia down’’ at Eurovision Song Contest 2013

If we consider that all the mobile operators in Baku "respect" the authorities, and the voting process is under the control, and if we believe in the Lithuanian disclosure about vote buying up by Azerbaijan, then, according to this situation, the logic of events suggests that someone in Baku has impulsively commanded to " bring Russia down,’’ Azerbaijani news agency "Turan" writes.
Source: Turan
17:08 | Armenia Oligarchs cannot influence political decisions – Gagik Beglaryan

Beglaryan answered negatively the question of whether he considers himself an oligarch.
Source: Panorama.am
16:42 | Armenia Parliament vice speaker points to absence of alternative government program

The parliamentarian added that criticism voiced by politicians is not worth a dime unless it contains proposals and an alternative program.
Source: Panorama.am
15:39 | Region Iranian analyst: Azerbaijan does everything possible to reduce Nakhichevan’s dependence on Iran

Iran, which has about 143-km-long border with Nakhichevan, had an important strategic role in Nakhichevan’s political and economic life.
Source: IRAS
14:23 | In the world Armenian Genocide resolution officially introduced in the House of Representatives

Congressman David Valadao along with Congressman Adam Schiff, and Armenian Caucus Co-Chairs Frank Pallone, Jr. and Michael Grimm, officially introduced a resolution regarding the Armenian Genocide.
Source: Armenian Assembly of America
14:03 | Armenia Aghvan Vardanyan: New government program repeats previous one

“Both the government and its program have remained almost unchanged, but the life has changed and the problems have become sharper,” said the ARFD member.
Source: Panorama.am
12:33 | In the world Messi: Neymar would be wonderful addition

Lionel Messi believes Neymar would make a "wonderful addition" to the Barcelona squad should he opt to move to Camp Nou.
Source: Goal.com
12:33 | Armenia John Heffern: We call on to ensure maximum transparency in gas price talks

“Talks on gas price involve Armenia and Russia, the United States does not participate in them but this issue has public resonance and we call on to ensure a maximum transparency in the talks.”
Source: Panorama.am
11:35 | In the world Outstanding Teen Kristina Ayanian to receive Duke of Edinburgh Bronze Medal, to interview Prince Edward

“This is a dream come true for me and a rare opportunity for any television reporter to interview a member of the British Royal family,” she said.
Source: Wicked Local
10:48 | Armenia Armenian government not to sell Vorotan HPP to subsidize gas price

“The negotiations and discussions with Russia are underway and when they are over, we will see how to solve these problems and how to subsidize the gas price,” Armenian Minister of Energy said.
Source: Panorama.am
10:48 | Region Moscow finds Karabakh status quo ‘unacceptable’

Lavrov, who was hosting Mammadyarov in Moscow, added that the current status quo continued Armenia’s economic blockade.
Source: Asbarez.com
10:39 | Armenia Cuban ambassador presents credentials to Armenian President

Newly appointed ambassador of Cuba to Armenia Emilio Losada Garcia (seat in Moscow) presented his credentials to President Serzh Sargsyan.
Source: presidential press service
10:17 | Armenia Sargsyan-Aliyev meeting may take place in June

The “long-awaited” meeting between Armenian President Serzh Sargsyan and Azerbaijani President Ilham Aliyev may take place on June 12 in Salzburg.
Source: Hraparak
09:15 | Region Iran bars candidates for presidential election

Iranian authorities barred two potentially powerful and disruptive candidates from running in next month's presidential election on Tuesday.
Source: Reuters
09:09 | In the world Freeport Indonesia says death toll rises to 28 after tunnel accident

"We continue to grieve with the families even as we close this grim chapter," Freeport Indonesia President Director Rozik Soetjipto said in a statement.
Source: Reuters
09:05 | In the world Japan considers resuming talks with North Korea

Through the inter-governmental talks, Japan aims to not only solve the abduction issue but also address North Korea's nuclear and missile programs.
Source: Reuters
08:59 | In the world 3 scientists conspired to take Chinese bribes for their U.S. research

Three university researchers working on medical technology are facing federal charges -- and up to 20 years in prison if convicted -- for allegedly taking Chinese money for their U.S.-funded research.
Source: CNN
08:53 | In the world US tornado rescue effort nears end

Fire chief Gary Bird said he was "98% sure" there were no more survivors or bodies to recover from the rubble.
Source: BBC
08:49 | In the world Spanish couple kidnapped in Colombia

The kidnappers contacted the hostages' family and identified themselves as members of the left-wing rebels Farc.
Source: BBC
08:44 | Armenia Mostly clear weather expected in Armenia

The air temperature will go up both at night and in daytime by another 2-3 degrees.
Source: Meteo-TV
22:31 | Region Former consultant: Heydar Aliyev was killed for not acting within interests of West

Elman Jalilov, who was Heydar Aliyev’s former consultant on legal issues, while being at the office of chairman of Armed Forces of Nakhichevan Autonomous Republic said that Heydar Aliyev did not die a natural death, the Azerbaijani news agency "Haqqin.az" writes.
Source:Haqqin.az
22:00 | In the world Suicide at Notre Dame Cathedral in Paris

Some 1,500 visitors were cleared out of Notre Dame Cathedral in Paris after a man put a letter on the altar of the 850-year-old monument Tuesday, pulled out a gun and shot himself in the head.
Source: ABC news
21:45 | In the world Putin calls on shipbuilder to speed up naval deliveries

Russian President criticized the United Shipbuilding Corporation on Tuesday for delays in delivery of warships to the Russian Navy and demanded the shipbuilders improve efficiency.
Source: Ria.ru
21:36 | Region Iran cracks down on activists in runup to election

Political prisoners in some of the country's most notorious jails have had their parole or visiting rights withdrawn and some transferred to solitary confinement.
Source: The Guardian
21:30 | In the world EU mission seeks to rebuild Mali army after U.S. faltered

Under a blazing sun and the critical gaze of British and Irish instructors, a line of 11 Malian soldiers lie prone in the dust firing AK-47 rounds at targets, one-by-one.
Source: Reuters
21:20 | In the world Marks & Spencer admits fashion mistakes for women as it unveils annual profits fall to £665 million

Profits at Marks & Spencer have slumped to their lowest level in four years amid a succession of fashion disasters with dowdy designs and lack of stock.
Source: The Daily Mail
21:12 | In the world Guatemalan Court overturns genocide conviction of ex-Dictator

The decision by Guatemala’s Constitutional Court was a dramatic legal victory for General Ríos Montt, 86.
Source: The New York Times

17:23 12/07/2012 » Economy

The World Bank Group provided US $10.47 billion in funding to governments in Emerging Europe and Central Asia (ECA) in fiscal year 2012, which ended on June 30, amid uncertainty in the Eurozone and modest growth.

“Countries in Emerging Europe and Central Asia continue to face the challenge of sustainable recovery,” said Philippe Le Houérou, World Bank Vice President for the Europe and Central Asia region. “The crisis is harming the region through three main channels – finance, trade and workers’ remittances. The World Bank is supporting countries in their efforts to strengthen their economic structures, providing financial support to governments to improve public services, strengthen banking systems, and protect the most vulnerable from the impact of the crisis.”

The recently published Global Economic Prospects report highlights that growth in the region should slow in 2012 to 3.3 percent, assuming a resolution of the Euro Area crisis by end-2012. Bank support in ECA reached $6.6 billion this fiscal year, including $6.2 billion from the International Bank for Reconstruction and Development (IBRD) and $362 million from the International Development Association (IDA). Romania ($1.9 billion), Turkey ($1.1 billion), Kazakhstan ($1.1 billion) and Poland ($1 billion) were the largest borrowers. Lending was targeted in supporting three regional pillars: deepening reforms for improved competitiveness, supporting social sector reforms for inclusive growth, and helping countries take action for greening growth trajectories.

Through operations in the region in fiscal year 2012, the Bank helped stabilize the financial sector in Serbia and FYR Macedonia and increase access to finance for small and medium-size enterprises in Armenia, Bosnia and Herzegovina, Moldova, and Turkey. Its investments improved roads in Kazakhstan, the Kyrgyz Republic, Ukraine, and the South Caucasus; helped modernize the public administration in Romania; and financed efforts by Poland and the Russian Federation to diversify their economies and spur innovation.

In Romania, the Bank is working to make a comprehensive social assistance program more equitable and efficient. In Tajikistan, it is supporting the government’s efforts to channel support to the most vulnerable in times of need. Bank lending helped protect spending on social assistance programs in Albania, Armenia, Latvia, and Romania; education in Kazakhstan, FYR Macedonia, and the Russian Federation; and healthcare in Armenia, Bosnia and Herzegovina, Tajikistan, and the Kyrgyz Republic. It supported improvements to social safety nets and insurance in Moldova, provided Rapid Social Response and IDA grants to Tajikistan, and funded a health system improvement project in Uzbekistan.

A legacy of environmental mismanagement and the highest energy intensity of production in the world created massive challenges for the countries of Emerging Europe and Central Asia. To help meet them, the Bank is financing energy efficiency and renewable energy projects in Poland, Turkey, Ukraine, and Uzbekistan. It is helping Turkey reduce its carbon emissions and supporting carbon finance operations in the Czech Republic, Poland, and Romania. It is investing in improving the capacity of weather forecast and climate change in Moldova, Russia, and Central Asia; disaster mitigation and climate risk management in Moldova; flood management in Poland; and urban development and water and sanitation services across the region.

The International Finance Corporation (IFC) this year continued to maintain a focus on investing in strategic areas. In FY12, IFC committed $4.28 billion, including $1.3 billion in syndicated loans and other mobilization, in 114 projects across the region. In this fiscal year, IFC commitments in ECA on its own account only were $2.98 billion.

“IFC continued to play a countercyclical role in Europe and Central Asia this fiscal year, with a particular emphasis on the Balkans, where we supported the key banks and companies that generate growth and employment,” said Dimitris Tsitsiragos, IFC Vice President for Europe, Central Asia, the Middle East and North Africa. “We increased our commitments in the region by 11 percent from $2.68 billion last fiscal year to $2.98 billion this year and mobilized about $1.3 billion from partner banks - a significant result against a background of continued uncertainty in Europe. IFC supports inclusive and sustainable private sector growth in the region with a focus on access to finance, agribusiness, infrastructure, and climate change related projects.”

During fiscal year 2012, the Multilateral Investment Guarantee Agency (MIGA) provided support for 18 projects with $928 million in political risk insurance coverage in Europe and Central Asia. While the agency continued its historical support to the region’s financial sector, especially as the euro-zone crisis affected Central and Southeastern Europe, this year MIGA expanded its support to a wider range of activities in the region’s economies. MIGA-supported projects included hydropower in Albania, gas development in Uzbekistan, agribusiness in the Russian Federation, and manufacturing in Turkmenistan and Ukraine. MIGA also reinsured some of the services portfolio of the Slovenian export credit agency, SIB Bank, Inc., so that it could maintain its lending capacity to the real economy in the Balkans.

“We’re very pleased that this year we have significantly broadened our portfolio in the region to include more sectors that will create jobs and boost development,” said Izumi Kobayashi, MIGA’ s Executive Vice President. “Especially at a time when financing capacity was constrained, MIGA was able to help maintain productive private sector investment by underpinning several important projects.”