World Bank Approves $100 Million to Promote Green, Resilient and Inclusive Development in Armenia

World Bank Approves $100 Million to Promote Green, Resilient and Inclusive Development in Armenia

By Prathamesh 28 March, 2023
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The World Bank’s Board approved a new US$100 million equivalent loan for the Armenia Green, Resilient and Inclusive Development Policy Operation (DPO).

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.

“This operation is a testament to the government’s reform commitment to making growth more inclusive and sustainable,” said Carolin Geginat, World Bank Country Manager for Armenia. “The operation supports critical reforms to support Armenia’s human capital, including the adoption of the education strategy and improving the targeting of social assistance. For the first time, a World Bank budget support operation in Armenia also includes reforms to support the country in its efforts to mitigate and adapt to the increasing pressures of climate change.”

Key reforms supported under this operation are aligned with the World Bank’s Country Partnership Framework for 2019–23. They include the reform of the public investment management framework to ensure systematic climate screening of public investments; revision of the Environmental Impact Assessment (EIA) and Atmospheric Air Protection (AAP) laws; deployment of a new system for improved targeting of social assistance; modernization of the education curriculum, including for Science, Technology, Engineering, and Mathematics (STEM) and green education and revised laws on mediation and arbitration to enable greater efficiency in the functioning of the justice system.

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