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.
More Stories
- EUROPEAN INVESTMENT BANK: Bosnia and Herzegovina: EIB provides €340 million to advance works on northern part of Corridor Vc
- ABN AMRO SERVICES COMPANY: Fempower Your Growth: like tindering with female entrepreneurs
- EUROPEAN INVESTMENT BANK: Egypt: Team Europe - EIB and Banque Misr work together to support private businesses and speed up the recovery of SMEs from COVID-19
- ASIAN DEVELOPMENT BANK: ADB, NNS Sign Loans to Build Milestone Solar Power Project in Uzbekistan
- ASIAN DEVELOPMENT BANK: $123 Million ADB Loan to Help Build Elevated Walkways in Manila
- EUROPEAN INVESTMENT BANK: Germany: EIB provides €15 million of funding to IDnow
- ASIAN DEVELOPMENT BANK: CAREC Endorses Long-Term Strategy to Promote Safe, Sustainable, and Inclusive Tourism
- EUROPEAN INVESTMENT BANK: EIB Group provides €150 million to support artificial intelligence companies
- ASIAN DEVELOPMENT BANK: ADB Approves $430 Million to Help Rehabilitate Power Distribution Networks in Uttar Pradesh, India
- EUROPEAN INVESTMENT BANK: Greece: EIB backs EUR 470 million road safety scheme