Armenia Secures €92 Million Loan from World Bank for Green Development and Refugee Assistance

The Financial-Credit and Budgetary Commission of the National Assembly of Armenia has approved the project for the ratification of a financing agreement between the Republic of Armenia and the International Bank for Reconstruction and Development. The agreement involves a €92.3 million loan as part of the “Second Green, Resilient, and Inclusive Development Policy Operation.”

Armenia’s Deputy Minister of Finance, Eduard Hakopyan, who presented the project, stated that alongside the loan, the country will also receive a $16 million grant from the same fund. These funds will be allocated to support programs for compatriots from Nagorno-Karabakh.

The loan repayment term is 22 years, with an 8-year grace period.

Akopyan outlined several key measures already implemented under the project. New building standards have been introduced to enhance the resilience of buildings and infrastructure to climate change and improve energy efficiency. Temporary protection status, valid for one year, has been granted to forcibly displaced persons from Nagorno-Karabakh. Additionally, initiatives have been undertaken to integrate Nagorno-Karabakh compatriots into the labor market, particularly within the public education and healthcare sectors.

The agreement aims to promote green, sustainable, and inclusive development in Armenia, improve the legal framework for environmental management, strengthen human capital, and enhance the effectiveness of anti-corruption efforts and the justice system.

Since it began operations in Armenia in 1992, the World Bank has provided approximately $2.7 billion for various projects. In 2023, Armenia also became a donor to the International Development Association.

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