On Friday, May 24, an agreement was signed between Armenia and the International Bank for Reconstruction and Development for budget support financing under the "Second Green, Resilient, and Inclusive Development Policy Operation."
According to the press service of the Ministry of Finance, the agreement was signed by Armenia’s Minister of Finance Vahe Hovhannisyan and the World Bank's Country Manager for Armenia Carolin Geginat.
The agreement provides Armenia with a loan of €92.3 million and a grant of $16 million from the Global Concessional Financing Facility.
The program includes the following areas: promoting climate change mitigation and adaptation, improving the regulatory framework for environmental management, strengthening equality and fostering human capital development, and enhancing the efficiency of anti-corruption frameworks and the justice sector.
"It also supports addressing the urgent needs of more than 100,000 forcibly displaced persons from Nagorno-Karabakh," the statement said.
Since the World Bank began its operations in Armenia in 1992, it has allocated approximately $2.7 billion for various projects. Armenia also became a donor to the International Development Association in 2023.
According to data published by the Statistical Committee of Armenia, as of the end of September 2023, the national debt of the Republic of Armenia stood at 4,454.193 million drams (over $11.3 billion). Since the beginning of 2023, the national debt has increased by 264.527 million drams ($680 million), or by 6.39%.
