The World Bank Provides a New Loan to Armenia for 25 Years

The World Bank's Board of Executive Directors today approved a new loan of €45.8 million ($50 million) for the 'Development Policy Operation for Armenia' (DPO), aimed at budget support.

The program supports the government's economic, fiscal, and public sector management by enhancing competition, streamlining trade-related and quality regulations and procedures, improving revenue mobilization and the efficiency of public investments, and strengthening anti-corruption initiatives and the performance of the justice system and civil service.

This new financing comes in the wake of weak governance and anti-corruption protests that took place in 2018, culminating in the peaceful and historic 'Velvet' Revolution. The newly elected government, armed with a strong mandate to implement change, has proposed an ambitious five-year reform program aimed at improving competition and driving economic growth while addressing the people's demands for good governance, increased transparency, accountability, and effective public services.

'This operation establishes the priority of key governance reforms and initial steps that lay the groundwork for sustainable long-term reforms across various sectors,' said Sylvie BOSSUTGHON, head of the World Bank's office in Armenia.