World Bank to allocate US $50 million to Armenia

YEREVAN, DECEMBER 9, ARMENPRESS. The World Bank Board of Executive Directors approved today a US$50 million loan for theThird Development Policy Financing (DPF-3) for Armeniato support a wide range of reforms promoting fiscal, social and environmental sustainability and strengthening competitiveness. As the World Bank’s Press Service informed “Armenpress”, this is the third in a programmatic series of four DPFs, supporting the Government of Armenia in meeting its strategic objective of job creation, which is the country’s overarching development challenge.

There are two pillars under this operation: the first one includes measures increasing the fiscal space, improving the financial sustainability of key sectors, enhancing the efficiency of social protection programs, and improving environmental and social safeguards in the mining industry, which accounts for over half of Armenia’s exports. The second pillar focuses on strengthening the business environment, improving trade facilitation and connectivity, and supporting access to credit.