Yerevan, April 25, 2024 - The World Bank’s Board of Executive Directors has approved a Development Policy Operation (DPO) in the amount of $116 million equivalent for Armenia to enable reforms aimed at promoting green, resilient, and inclusive development. The DPO includes loan financing from the International Bank for Reconstruction and Development (IBRD) in the amount of EUR 92.3 million ($100 million equivalent) and a grant from the Global Concessional Financing Facility (GCFF) in the amount of $16 million.
"This development policy operation supports a package of reforms designed to improve social equity, strengthen human capital, support the emergence of stronger institutions, and promote climate mitigation and adaptation in Armenia," said Carolin Geginat, World Bank Country Manager for Armenia.
The budget support provided by the World Bank will assist the Government of Armenia in building climate resilience and reducing vulnerabilities to future shocks. The operation aligns with the Government’s five-year action plan for 2021-2026 and includes measures to fortify anti-corruption efforts and enhance climate change mitigation and adaptation.
The World Bank has been supporting Armenia since 1992, providing around $2.7 billion from various funds. The institution remains committed to assisting Armenia in its development journey towards reducing poverty on a livable planet.
The Global Concessional Financing Facility (GCFF), established in 2016 to provide concessional financing to eligible middle-income countries, has contributed to Armenia under this operation with funds from the Governments of the Netherlands and the United States of America.