YEREVAN, May 27. /ARKA/. On Wednesday, the Armenian government approved a proposal to sign a €170.3 million loan agreement with the International Bank for Reconstruction and Development (IBRD, a World Bank entity).
The funds will be used to develop Armenia’s economic transformation policy.
According to the rationale for the decision, the reforms include improving the investment climate, strengthening competition, developing digitalization and cybersecurity, and transitioning to a green economy through climate regulation, emission control, and the implementation of environmental standards.
The loan is provided for 28 years, including a 10-year grace period. Repayment will be made in equal semi-annual installments: the first on June 15, 2036, and the last on December 15, 2053.
