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 | Court in Azerbaijan extends former Karabakh leader’s arrest by 5 months The Binagadi District Court in Azerbaijan has granted the prosecutor’s petition to extend the arrest of Arkady Ghukasyan. Ucom General Director joins High-Tech Development Panel Discussion The discussion was titled "The Role of International Corporations and Investors as Catalysts for Development of High-Tech Ecosystem." U.S. still believes “peace is possible” between Armenia, Azerbaijan The United States continues to believe that peace is possible between Armenia and Azerbaijan, Vedant Patel says. Dozens detained as antigovernment protest continue in Armenia At least 63 people demanding Prime Minister Nikol Pashinyan’s resignation were detained on May 14 as they blocked streets in Yerevan. |