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Saturday, February 29, 2020

World Bank OKs loan to Armenia for next development operation

The World Bank approved a $75 million loan to fund the Second Development Policy Operation for Armenia on Wednesday.

The operational funds will be used for a variety of development projects that aim to reform the business environment, financial sector, civil service entities and infrastructure.

This is the second operation of its type; three operations are planned in Armenia.

“The operation is designed to support economic growth and sustainability to help Armenia reduce poverty and promote shared prosperity,” Laura Bailey, World Bank country manager for Armenia, said. “Creating jobs is critical here in Armenia. The program aims to achieve this through strengthening competitiveness and enhancing fiscal, social and environmental sustainability.”

The operation has several objectives: expanding access to credit lines; securing transactions; improving fiscal infrastructure, the business environment, and civil service transparency and efficiency; and improving social protection by extending waivers dealing with medical co-payments.

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The World Bank

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