World Bank to lend $80 million to Armenia to support country’s government

Banks

YEREVAN, February 15. /ARKA/. World Bank will lend $80 million to Armenia as part of Third Development Policy Operation (DPO) to support the country’s government.

Armenian finance ministry reports that Head of World Bank’s Office in Yerevan Jean-Michel Happi and Finance Minister Vache Gabrielyan signed an appropriate agreement on Wednesday.

The Third DPO includes an IDA credit equivalent of US$ 50 million and an IBRD loan of US$ 30 million.  The IDA credit carries a maturity of 25 years including a grace period of 5 years and the IBRD loan has a maturity of 25 years including 10 year grace period. The loan is extended at interest rate equal to six-month USD LIBOR + variable margin. The initial lump-sum commission will be equal to 0.25% of the loan.

According to the information available on the World Bank’s official website, another $11 million will be lent to Armenia as extra financing under Social Investment Fund III program.-0—

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