World Bank to provide $100 mln to Armenia for Green, Resilient and Inclusive Development Policy

YEREVAN. May 11 (Interfax) - The World Bank Group's International Bank for Reconstruction and Development (IBRD) will provide a loan of 92.3 million euros to Armenia to finance its Green, Resilient and Inclusive Development Policy.

The country's government at a meeting on Thursday approved a draft document on the ratification of the loan agreement with the IBRD, which was signed in April. The document has been sent to the Constitutional Court, after which it will go to the parliament for ratification.

The funds are repayable in 19 years, including a five year grace period, at fixed six-month Euribor with variable spread.

The rationale for the government's decision says that Armenia undertakes to improve the legal framework in the field of ecology and renewable energy, to develop human resources and to carry out reforms in anti-corruption policy and in the justice system.

The World Bank says on its website that its Board on March 24 approved a new loan of 92.3 million euros or $100 million equivalent for the Armenia Green, Resilient and Inclusive Development Policy Operation. The operation supports the 2021-2026 Program of the Government of the Republic of Armenia and is aimed at promoting green, resilient, and inclusive development by: improving the regulatory framework for environmental management to help Armenia mitigate and adapt to the pressures of climate change; enhancing equity and promoting human capital development; and supporting the anti-corruption framework and justice sector efficiency.

The World Bank has committed $2.53 billion to projects in Armenia since the country became a member in 1992.