The Government of Armenia has announced a 30% increase in its contribution to the International Development Association (IDA), the World Bank’s fund dedicated to supporting low-income countries. The announcement was made during a ceremony attended by officials from Armenia’s Ministry of Finance and representatives of the World Bank.
Akihiko Nishio, World Bank Vice President for Development Finance, commented on the pledge, stating: “Armenia’s pledge is more than a financial contribution; it is an investment in hope and solidarity. As a former recipient who now donates to IDA, Armenia brings the credibility of a nation that has walked the difficult path of reform and emerged stronger. This is the power of international development done right.”
After gaining independence in 1991, Armenia received support from IDA as it transitioned to a market economy and invested in building institutions and social infrastructure. The country graduated from receiving IDA assistance in 2014 following economic progress. In 2023, Armenia began contributing as an IDA donor.
Vahe Hovhannisyan, Minister of Finance of Armenia, said: “We want to serve as an example that, as a result of consistent work, a country receiving support can also become a donor country. This is a great responsibility for us.”
The IDA currently provides grants and low-interest financing to 78 low-income countries worldwide. The fund undergoes replenishment every three years, with its latest round of negotiations concluding in December 2024.