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The World Bank’s Board of Executive Directors approved a Development Policy Operation (DPO) in the amount of $116 million equivalent for Armenia to enable reforms aimed at promoting green, resilient and inclusive development.

The DPO includes loan financing from the International Bank for Reconstruction and Development (IBRD) in the amount of EUR 92.3 million ($100 million equivalent) and a grant from the Global Concessional Financing Facility (GCFF) in the amount of $16 million, the World Bank reported on Tuesday.

This budget support will help the Government of Armenia to build climate resilience and reduce vulnerabilities to future shocks.

“This development policy operation supports a package of reforms designed to improve social equity, strengthen human capital, support the emergence of stronger institutions, and promote climate mitigation and adaptation in Armenia,” said Carolin Geginat, World Bank Country Manager for Armenia.

The operation supports the Government’s five-year action plan for 2021-2026. It includes actions that will fortify anti-corruption measures by implementing a robust framework with a whistleblowing system and gift monitoring mechanism for public servants.  Further, it is aligned with the Paris Agreement.