The Executive Board of the World Bank has approved a Development Policy Operation (DPO) for Armenia in the amount equivalent to 116 million dollars. These funds are allocated to support reforms aimed at developing a green, sustainable, and inclusive economy.
This operation includes financing from the International Bank for Reconstruction and Development (IBRD) in the form of a loan of 92.3 million euros (100 million dollars) and a grant from the Global Concessional Financing Facility (GCFF) in the amount of 16 million dollars.
According to Caroline Hegeinat, the head of the World Bank office in Armenia, this operation contributes to the implementation of a package of reforms aimed at improving social equality, strengthening human capital, and enhancing governance effectiveness. It will also help mitigate the impacts of climate change and adapt to them.
The activity will support government reforms in areas such as climate change mitigation, environmental management improvement, human capital development, corruption combating, and judiciary strengthening.
Since starting operations in Armenia in 1992, the World Bank has allocated approximately 2.7 billion dollars 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 state debt of Armenia amounted to 4,454,193 million drams (over $11.3 billion). Since the beginning of 2023, the public debt has increased by 264,527 million drams ($680 million) or by 6.39%.
