World Bank provides USD 25m loan to Armenia

The World Bank Board of Executive Directors Tuesday, January 11, approved a package designed to help Armenia protect the poor and support greater human capital development, and also strengthen competitiveness and private sector development. The Second Development Policy Operation (DPO) for Armenia, a loan of US$ 25 million, is the second in a series of three operations designed to support the Government of Armenia in meeting its strategic objectives, Jean-Michel Happi, the World Bank Country Manager for Armenia told a news conference in Yerevan.

This operation supports the protection of pro-poor spending in the state budget; the targeting of social safety net programs; increased access to pre-school programs in poor communities; and improved efficiency of health services delivery through the introduction of performance-based contracting for treatment of non-communicable diseases.

To enhance Armenia’s competitiveness and raise its growth potential, this Operation helps strengthen the competition framework and implement a new Mining Code adhering to international best practice for fiscal, environmental, social, and licensing standards. It also supports key reforms aiming at improving the business climate and reforming the tax administration.