World Bank approves $50 million loan for ArmeniaNovember 22, 2019 - 14:00 AMT PanARMENIAN.Net - The World Bank’s Board of Executive Directors approved on Thursday, November 21 a new, €45.8 million ($50 million) loan for the Armenia Governance Development Policy Operation (DPO), a budget support operation. The operation supports the government’s actions to strengthen economic, fiscal, and public sector governance by: (i) improving pro-competition, pro-trade and streamlined quality regulations and processes (ii) enhancing efficiency of revenue mobilization and public investment; and (iii) strengthening anti-corruption initiatives and the performance of the justice sector and the civil service. The new lending comes on the heels of the widespread protests against weak governance and corruption in 2018 that culminated with the peaceful Velvet Revolution. "The newly elected government, armed with a strong mandate for change, has put forward an ambitious five-year reform program, which aims to improve competitiveness and spur economic growth while meeting the people’s demands for good governance, greater transparency, accountability and effective public services," the Bank said in a statement. The €45.8 million (about US $50 million) is an IBRD loan of fixed spread, with a 14.5-year grace period and a total repayment term of 25.5 years. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |