The WB will allocate Armenia a loan of $50 million for the implementation of development policy

Moscow. December 10. The world Bank Board of Directors approved the granting of credit to Armenia $50 million in the third funding phase of development policy (Development Policy Financing, DPF-3).

According to the press service of the Yerevan office of the WB, the money will be directed “on comprehensive reforms to improve fiscal, social and environmental stability and competitiveness”.

“This is the third of four planned programs of financing of development policy. Objective to assist the Armenian government in the implementation of the strategic goal of creating jobs that is the main challenge for the development of the country”, – stated in a press release.

A loan with a floating interest rate available for a period of 25 years, of which 14.5 years grace period.

As reported in the WB in November 2013 issued the first loan under the program of development policy financing (DPF-1) in the amount of $72 million Second (DPF-2) – in the amount of $75 million was listed at the end of 2014.

DPF is a credit instrument providing the countries with General budget support for developing institutional changes and economic policy reforms.