The interior regions of the People’s Republic of China (PRC) have not benefited as much from economic growth and reforms as the east coast. In fact, the gap in economic and social development had been increasing in the years leading to the project appraisal in 2005. Inadequate transport infrastructure and high logistics costs were among the key constraints.
Armenia is a landlocked country in the mountainous region of Caucasus between Asia and Europe. Following the recession triggered by the 2009 global financial crisis, its gross domestic product (GDP) contracted by 14.1%, the economy grew at an average 4.7% from 2010 to 2012 before declining to an average of 3.3% from 2013 to 2015.
Following the1997–1998 Asian financial crisis, Indonesia became highly aware of the need to deepen and diversify its finance sector. Under the Medium-Term Development Plan, 2004–2009 and the subsequent National Medium-term Development Plan, 2010–2014, the government thus committed to developing the country’s capital market and nonbank finance subsector.