Armenia and the World Bank (WB) signed today a USD 50 million development policy finance operation to promote Armenian Government’s reforms program in key economic sectors.

The Fourth Development Policy Financing (DPF-4) supports a wide range of reforms promoting fiscal, social and environmental sustainability and strengthening competitiveness in Armenia. This is the last operation in the programmatic series of four DPFs in 2013-2016.

“We aim to support macroeconomic stability in Armenia. This operation will help to improve the country’s competitiveness and business environment, and enhance employment opportunities”, said Laura E. Bailey, World Bank Country Manager for Armenia.

According to her, the DPF series are based on a longstanding partnership between the World Bank and Armenia and build on previous operations. The current series is focused on supporting the Armenian government in addressing challenges of high external vulnerability and persistent unemployment.

The loan has repayment of 25 years and a 14.5-year grace period.