Saturday, March 25 2023 17:26
Alexandr Avanesov

WB approves new EUR 92.3 million loan to promote Green, Resilient and  Inclusive Development in Armenia

WB approves new EUR 92.3 million loan to promote Green, Resilient and  Inclusive Development in Armenia

ArmInfo.The World Bank's Board approved today a new EUR 92.3 million (US$100 million equivalent) loan for the Armenia Green, Resilient and Inclusive Development  Policy Operation (DPO). This is stated in the message of the WB.

The operation supports the 2021-26 Program of the Government of the  Republic of Armenia and is aimed at promoting green, resilient, and  inclusive development by: (i) improving the regulatory framework for  environmental management to help Armenia mitigate and adapt to the  pressures of climate change; (ii) enhancing equity and promoting  human capital development; and (iii) supporting the anti-corruption  framework and justice sector efficiency.

"This operation is a testament to the government's reform commitment  to making growth more inclusive and sustainable," said Carolin  Geginat, World Bank Country Manager for Armenia.  "The operation  supports critical reforms to support Armenia's human capital,  including the adoption of the education strategy and improving the  targeting of social assistance. For the first time, a World Bank  budget support operation in Armenia also includes reforms to support  the country in its efforts to mitigate and adapt to the increasing  pressures of climate change."  

Key reforms supported under this operation are aligned with the World  Bank's Country Partnership Framework for 2019-23. They include the  reform of the public investment management framework to ensure  systematic climate screening of public investments; revision of the  Environmental Impact Assessment (EIA) and Atmospheric Air Protection  (AAP) laws; deployment of a new system for improved targeting of  social assistance; modernization of the education curriculum,  including for Science, Technology, Engineering, and Mathematics  (STEM) and green education and revised laws on mediation and  arbitration to enable greater efficiency in the functioning of the  justice system.

This EUR 92.3 million (US$100 million equivalent) loan is an IBRD  flexible loan with variable spread, with a 5-year grace period and a  total repayment term of 19 years. This is the first operation in a  programmatic series and is supported by parallel financing of EUR 50  million ($53.7 million) provided by the OPEC Fund for International  Development, a multilateral development finance institution  headquartered in Vienna, Austria.

Since joining the World Bank in 1992, commitments to Armenia have  totaled around $2.53 billion.

It should be reminded that the proposal to conclude a loan agreement  was approved at the meeting of the RA government on March 23. Since  Armenia joined the World Bank in 1992, the total amount of loans and  grants issued to the republic amounted to about $2.53 billion.

POST A COMMENT
Input digits     


News
EventHub.am is the official ticketing agent for the concert of the world renowned Black Eyed Peas in TbilisiEventHub.am is the official ticketing agent for the concert of the world renowned Black Eyed Peas in Tbilisi
National Geographic recommends visiting Armenia as an attractive  tourist destinationNational Geographic recommends visiting Armenia as an attractive  tourist destination
Pashinyan: program for providing housing to forcibly displaced  persons from Nagorno-Karabakh is entering practical stage of  implementationPashinyan: program for providing housing to forcibly displaced  persons from Nagorno-Karabakh is entering practical stage of  implementation
Projects implemented jointly with Rosatom State Corporation discussed  in ArmeniaProjects implemented jointly with Rosatom State Corporation discussed  in Armenia
Assessing long-term impact of new US sanctions against Russia will  take time - Central Bank GovernorAssessing long-term impact of new US sanctions against Russia will  take time - Central Bank Governor
Martin Galstyan: Azerbaijan is not among top 50 remittance  destinationsMartin Galstyan: Azerbaijan is not among top 50 remittance  destinations
Armenian Parliament approves report on  Execution of State Budget for  2023Armenian Parliament approves report on  Execution of State Budget for  2023
Fly Arna staff demand salariesFly Arna staff demand salaries
Pashinyan: Work has begun on developing program to address priority  issues for restoring disaster zone Pashinyan: Work has begun on developing program to address priority  issues for restoring disaster zone 
Instant money transfers from Russia to Armenia with the “ФОРА-БАНК” appInstant money transfers from Russia to Armenia with the “ФОРА-БАНК” app
Since 2017, National Foundation for Servicemen Insurance has paid  monetary compensation to families of 5,345 dead, missing servicemenSince 2017, National Foundation for Servicemen Insurance has paid  monetary compensation to families of 5,345 dead, missing servicemen
Armenia`s CB revises GDP growth forecast for 2024 upward Armenia`s CB revises GDP growth forecast for 2024 upward 
Economic entities must not get accustomed to Economic entities must not get accustomed to "cottonwood existence" -  minister
State budget both financial and political document - minister State budget both financial and political document - minister 
Premier was presented with draft strategic employment programPremier was presented with draft strategic employment program
WB does not change previous improved forecast for Armenia`s GDP  growth of 5.5% in 2024 and 4.9% in 2025 WB does not change previous improved forecast for Armenia`s GDP  growth of 5.5% in 2024 and 4.9% in 2025 
Martin Galstyan: Under favorable conditions, loan interest rates may  dropMartin Galstyan: Under favorable conditions, loan interest rates may  drop
CBA: GDP above-potential growth and its non-widespread nature poses  uncertainties regarding relative position of aggregate demand versus  aggregate supplyCBA: GDP above-potential growth and its non-widespread nature poses  uncertainties regarding relative position of aggregate demand versus  aggregate supply
Central Bank Governor: Inflation in Armenia to approach 2.2%-2.5% by  end of yearCentral Bank Governor: Inflation in Armenia to approach 2.2%-2.5% by  end of year
Armenia`s Central Bank expects additional incentives after Government  increases spending on eliminating consequences of disaster Armenia`s Central Bank expects additional incentives after Government  increases spending on eliminating consequences of disaster 
idcoin: New tool in IDBank’s loyalty systemidcoin: New tool in IDBank’s loyalty system
Armenia`s Central Bank continues reducing refinancing rate Armenia`s Central Bank continues reducing refinancing rate 
Income tax on mortgage loans to be abolished in 2029 Income tax on mortgage loans to be abolished in 2029 
About 173 Million Drams and More Than 30 Beneficiary Funds. About 173 Million Drams and More Than 30 Beneficiary Funds. "The Power of One Dram" is 4 Years Old
Armenia to participate in Food Africa-2024 exhibition Armenia to participate in Food Africa-2024 exhibition
EasyPay Supports Launch of “Financial Literacy” Program by Armenian Code Academy and Technological Education Foundation EasyPay Supports Launch of “Financial Literacy” Program by Armenian Code Academy and Technological Education Foundation 
 Team promotes business education: CaseKey Academy opened Team promotes business education: CaseKey Academy opened
Armenian-Indian business forum held in YerevanArmenian-Indian business forum held in Yerevan
Armenia elected UN Economic and Social Council Member for 2025-2027Armenia elected UN Economic and Social Council Member for 2025-2027
Central Bank identifies two main risks threatening Armenia`s  financial stabilityCentral Bank identifies two main risks threatening Armenia`s  financial stability
Armswissbank issues 3 bonds from the 10th of juneArmswissbank issues 3 bonds from the 10th of june
The Power of One Dram to The Road of Life: July`s Beneficiary is Strong MindThe Power of One Dram to The Road of Life: July`s Beneficiary is Strong Mind
Recent floods in Armenia confirm need to ensure food security -  statementRecent floods in Armenia confirm need to ensure food security -  statement
AraratBank places dollar bondsAraratBank places dollar bonds
Russia making efforts to resume launch of Mir cards in Armenia,  Kyrgyzstan Russia making efforts to resume launch of Mir cards in Armenia,  Kyrgyzstan 
Deputy Minister of Finance: Export of goods of Armenian origin  decreased by 14.3% in Q1 2024Deputy Minister of Finance: Export of goods of Armenian origin  decreased by 14.3% in Q1 2024
OVIO modernizes its sales and service centers in Kapan, Kajaran and  GyumriOVIO modernizes its sales and service centers in Kapan, Kajaran and  Gyumri
EU to allocate EUR11 million for next 5 years to implement R2D Syunik  projectEU to allocate EUR11 million for next 5 years to implement R2D Syunik  project
New sports complex to be constructed in KapanNew sports complex to be constructed in Kapan
Higher-rate economic activity growth in Armenia Higher-rate economic activity growth in Armenia 
 Armenia`s regional administration to receive AMD 2.5bln for  subvention programmes  Armenia`s regional administration to receive AMD 2.5bln for  subvention programmes 
Turnover tax forming unhealthy economic environment should be  abolished - premier Turnover tax forming unhealthy economic environment should be  abolished - premier 
Armenia is especially loved by tourists from Russia, Georgia, Iran,  the USA, Germany, France, Ukraine, China and BelarusArmenia is especially loved by tourists from Russia, Georgia, Iran,  the USA, Germany, France, Ukraine, China and Belarus
CBA CBA "accuses" bank clients of "illogical behavior"
Sanosyan: some problems arose during implementation of first landfill  construction projectSanosyan: some problems arose during implementation of first landfill  construction project
Russian Digital Attache in Armenia: Russia`s experience in building  underwater fiber-optic link may be relevant, including for ArmeniaRussian Digital Attache in Armenia: Russia`s experience in building  underwater fiber-optic link may be relevant, including for Armenia
YOY inflation in Armenia decreased from 1.3% to 0.3% in May, due to  cheaper food productsYOY inflation in Armenia decreased from 1.3% to 0.3% in May, due to  cheaper food products
Agriculture is becoming labor reservoir for more efficient service  industry - expertAgriculture is becoming labor reservoir for more efficient service  industry - expert
Part of main gas pipeline supplying Armenia with Russian gas will  come under Azerbaijani control - political scientistPart of main gas pipeline supplying Armenia with Russian gas will  come under Azerbaijani control - political scientist
EU allocated EUR 2.9 million to Armenia for rebranding of Armenian  brandyEU allocated EUR 2.9 million to Armenia for rebranding of Armenian  brandy
Use of electric cars and solar energy will limit Armenia`s dependence  on oil and gas marketsUse of electric cars and solar energy will limit Armenia`s dependence  on oil and gas markets
Armenian MFA: decision on Armenia`s participation in Chabahar port  project to be made within few monthsArmenian MFA: decision on Armenia`s participation in Chabahar port  project to be made within few months
Papoyan: export development strategy is almost readyPapoyan: export development strategy is almost ready
North-South`s construction odyssey: Only 10% of road has been  completed in 12 yearsNorth-South`s construction odyssey: Only 10% of road has been  completed in 12 years
Formation of common energy markets major factor of EAEU development -  Armenian vice-premier Formation of common energy markets major factor of EAEU development -  Armenian vice-premier 
Armenia`s taxpayers carried out 59.9mln transactions worth AMD  1,086blnArmenia`s taxpayers carried out 59.9mln transactions worth AMD  1,086bln
Armenian producers to participate in Sial-2024 exhibition in Paris Armenian producers to participate in Sial-2024 exhibition in Paris 
Armenia requests assistance from European Peace Foundation - FMArmenia requests assistance from European Peace Foundation - FM
Armenian producers to participate in Foodex Saudi-2024Armenian producers to participate in Foodex Saudi-2024
Armenia, Ukraine considering prospects for development of bilateral  economic ties Armenia, Ukraine considering prospects for development of bilateral  economic ties 
Read more
Exchange rates
14.06.2024
RUB4.400.04
USD388.490.45
EUR415.57-3.28
GBP493.58-2.10
CAD282.330.08
JPY24.740.05
CNY53.540.04
CHF434.892.00