14:12, 4 April 2023

YEREVAN, APRIL 4, ARMENPRESS. Armenia and the International Bank for Reconstruction and Development (IBRD) have signed a €92.3 million loan agreement for the Armenia Green, Resilient and Inclusive Development Policy Operation project.

The agreement was signed by Finance Minister of Armenia Vahe Hovhannisyan and World Bank Armenia Country Manager Caroline Geginat. The IBRD is a member of the World Bank Group.

The budget support resources will be directed for funding the deficit envisaged under the law on the 2023 state budget, the finance ministry said.

The operation supports the 2021-26 Program of the Government of the Republic of Armenia and is aimed at promoting green, resilient, and inclusive development by: (i) improving the regulatory framework for environmental management to help Armenia mitigate and adapt to the pressures of climate change; (ii) enhancing equity and promoting human capital development; and (iii) supporting the anti-corruption framework and justice sector efficiency.