The World Bank said recently it will finance approximately $33 million towards Armenia's Second Community Agricultural Resource Management and Competitiveness (CARMAC) Project, pending approval from the board of executive directors.

The project will provide 100 communities in Armenia with improved productivity and sustainability of pasture and livestock systems.

Agriculture is the main source of employment for communities in rural Armenia, which has been a World Bank member since 1992. The project aims to improve market access and support commercialization for rural communities, which could lead to enhanced employment opportunities.

"Enhancing productivity and strengthening market access of farmers are key to reducing poverty and boosting shared prosperity in rural areas," Jean-Michel Happi, the World Bank country manager for Armenia, said. "Project activities are devised in such a way as to mainly benefit pasture users, farmer cooperatives, as well as food business operators. At least 50,000 farmers are expected to participate in this project through their membership in Pasture Users' Cooperatives (PUC)."