New Maldives Country Manager Named by World Bank

WASHINGTON, July 1, 2024 - The World Bank has announced the appointment of Mr. Gevorg Sargsyan as its new Country Manager for Maldives. An Armenian national, Mr. Sargsyan brings over two decades of diverse experience in various roles within the organization to this position. 

Having joined the World Bank in 2000, he has served in numerous capacities throughout his career at the institution including stints as Country Manager and Manager of Operations across Europe, Central Asia and East Asia. His portfolio also includes a tenure as Program Manager for Climate Finance and Global Lead for Clean Energy before his most recent role as Country Manager for Ukraine based out of Kyiv. 

In response to his appointment, Mr. Sargsyan said: "I am looking forward to working closely with our partners and stakeholders in Maldives." He emphasized that strengthening the robust partnership between the World Bank and Maldivian government will be a key priority during his term. 

He further outlined plans on supporting home-grown economic reforms within Maldives alongside creating space for investments focusing on people-oriented initiatives, climate change mitigation measures and infrastructure building aimed at constructing a resilient economy capable of withstanding future challenges. 

As part of his responsibilities as country manager for Maldives, Mr. Sargsyan will oversee an impressive total portfolio worth around $217 million which comprises implementation aspects related to World Bank's established Country Partnership Framework designed specifically keeping in mind development priorities relevant to Maldives' unique socio-economic landscape. 

The relationship shared by World Bank with Maldives is longstanding one spanning over four-and-a-half decades wherein they have collaborated on several developmental projects touching upon critical areas such renewable energy generation methods; competitiveness enhancement strategies; growth stimulation initiatives; youth resilience programs; employability solutions; digital development drives among others totaling a net commitment amounting to approximately $217 million financed via International Development Association (IDA). 

Additionally there are specific regional projects along with an IDA guarantee operation included within the program. The World Bank also extends its analytical support to Maldives in areas such as macro fiscal monitoring, policy formation and analysis, financial sector development, social protection measures and poverty eradication initiatives. 

This appointment comes at a crucial juncture when Maldives is tackling multiple challenges including those related to health crises like COVID-19 pandemic; solid waste management issues; fisheries industry development; labor market reforms; education sector improvement along with strengthening of its social protection framework. 

Mr. Sargsyan's diverse experience across different regions coupled with his leadership roles in sectors closely aligned with Maldivian developmental priorities makes him an ideal candidate for steering the island nation towards achieving sustainable growth while maintaining a focus on building resilience against future adversities. His tenure will be keenly watched by stakeholders both within and outside of Maldives as he embarks upon this critical role.