ArmInfo. In the context of achieving Armenia's goals for inclusive economic growth, the World Bank considers it necessary to attract public and private investment, develop a green economy and continuously promote digital transformation. Mr Asad Alam, Regional Director of the World Bank for Europe and Central Asia, stated during a meeting with Deputy Prime Minister of the Republic of Armenia Mher Grigoryan.
As the press service of the RA government reports, during the meeting the parties highly appreciated the effective cooperation that had developed between the Republic of Armenia and the World Bank. The interlocutors touched upon the priorities and reforms of the RA in the directions of economic growth, development of the capital market, improvement of human capital and critical infrastructures, emphasizing the use of international leading experience and knowledge in these fields with the involvement of the World Bank.
An agreement was reached to continue and implement cooperation in the abovementioned directions.
In mid-April of this year, it became known that the World Bank's Board of Executive Directors approved a Development Policy Operation (DPO) in the amount of $116 million equivalent for Armenia to enable reforms aimed at promoting green, resilient and inclusive development. The DPO includes loan financing from the International Bank for Reconstruction and Development (IBRD) in the amount of EUR 92.3 million ($100 million equivalent) and a grant from the Global Concessional Financing Facility (GCFF) in the amount of $16 million. This budget support will help the Government of Armenia to build climate resilience and reduce vulnerabilities to future shocks. Since starting its operations in Armenia in 1992, the World Bank has provided around $2.7 billion from IBRD, International Development Association (IDA), and various trust funds. Armenia became a donor to IDA in 2023.
