Announcement

Collapse
No announcement yet.

World Bank Approves US$75 Million Loan For Armenia To Support A Wide

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • World Bank Approves US$75 Million Loan For Armenia To Support A Wide

    WORLD BANK APPROVES US$75 MILLION LOAN FOR ARMENIA TO SUPPORT A WIDE RANGE OF REFORMS

    12:59, 13 Nov 2014

    The World Bank Board of Executive Directors today approved a US$75
    million loan for the Second Development Policy Operation (DPO) for
    Armenia to support a wide range of reforms in the business environment,
    finance, civil service, social protection, public infrastructure and
    environment. This is the second in a series of three DPOs, supporting
    the Government of Armenia in meeting its strategic objectives,
    including stronger job creation, which is Armenia's overarching
    development challenge.

    "The Operation is designed to support economic growth and
    sustainability to help Armenia reduce poverty and promote shared
    prosperity," says Laura E. Bailey, World Bank Country Manager for
    Armenia."Creating jobs is critical here in Armenia. The program aims
    to achieve this through strengthening competitiveness and enhancing
    fiscal, social and environmental sustainability."

    The Operation supports reform measures implemented by the Government
    under five main objectives.

    Strengthening the business environment through reduction of
    inspections burdening businesses, as well as implementation of the
    "single window approach" for customs clearance of goods, and creation
    of a new institutional structure for the oversight of the aviation
    sector to increase transparency and improve accountability in the
    civil aviation field.

    Improving access to credit with measures to create a modern framework
    for secured transactions, which will allow the use of moveable assets
    as collateral for better access to credit.

    Improving efficiency and transparency of the civil service through
    strengtheningof the performance evaluation system and broadening the
    use of e-government systems.

    Expanding social protection through extending the coverage of the
    waiver of co-payments in medical institutions to the households
    covered by Family Benefits Program.

    Improving fiscal space and the management of public infrastructure
    and environmental resourcesthrough reporting estimates of the revenue
    impacts of major tax expenditures, implementation of an Action Plan on
    Drinking Water Sector Reforms, including the decision to create a new,
    nationwide lease contract, and adoption of the Law on Environmental
    Impact Assessment along withoperationalizing the"one-stop-shop
    (OSS)" for mining rights in line with environmental and social (E&S)
    guidelines.

    "This development policy operation supports a package of reforms which
    will help the Armenian economy make the shift from an unsustainable
    reliance on inflows and the non-tradable sectors towards the tradable
    sectors and a higher rate of job creation," says Ulrich Bartsch, World
    Bank Task Team Leader of the Project. "We are helping the Armenian
    government meet the challenges of reinvigorating the economy through
    enhancing competitiveness and sustainability."

    The Second DPO in the total amount of US$ 75 million is an IBRD
    flexible loan with variable spread with a 14.5-year grace period and
    repayment ofover 25 years.

    Since joining the World Bank in 1992 and IDA in 1993, the total IDA
    and IBRD commitments to Armenia amount to US$2,036,73 million.

    http://www.armradio.am/en/2014/11/13/world-bank-approves-us75-million-loan-for-armenia-to-support-a-wide-range-of-reforms/

    http://www.tert.am/en/news/2014/11/13/nubar-terzian/

Working...
X