Armenia became an official donor to the World Bank’s International Development Association (IDA) with a paid-in contribution of $1 million.

The decision was made official at a ceremony in Washington, D.C., during which Mher Grigoryan, Deputy Prime Minister of Armenia, handed over the signed IDA Instrument of Commitment to Akihiko Nishio, World Bank Vice President for Development Finance and Antonella Bassani, the Regional Vice President of the World Bank.

“As an upper middle-income country Armenia is no longer eligible for International Development Association’s support. We think it is time for Armenia to start helping countries in need of support. This is a wonderful opportunity for Armenia to help low-income countries, on the one hand, and to express gratitude for similar support received in the past, on the other. With this step, Armenia once again, both reaffirms the effectiveness of mutual cooperation with the World Bank, as well as its agreement with the policy implemented by IDA,” said Mher Grigoryan.

Established in 1960, IDA is the World Bank’s main instrument for assisting the world’s poorest countries through providing grants and zero to low-interest loans to promote economic development, increase productivity and thus raise standards of living across the globe. Armenia joined IDA in 1993 and, since then, as a beneficiary, has received $ 1.4 billion in financial support.

“Armenia joins a global community of donors that enables IDA to provide concessional financing to the world’s 75 poorest and most vulnerable countries to address their development needs,” said Akihiko Nishio, World Bank Vice President for Development Finance, who oversees IDA. “I commend Armenia for this exemplary step of being an IDA graduate that now wants to give back – a show of global solidarity and international cooperation.”

Since joining the World Bank in 1992 and IDA in 1993, World Bank commitments to Armenia have totaled approximately $ 2.6 billion, supporting 78 projects in areas targeted at boosting small and medium-sized enterprise competitiveness, enhancing human capital and equity, as well as sustainably managing environmental and natural resources.