WB and OPEC to provide $290 million financing to Armenia for economic reforms

The World Bank’s Board of Executive Directors today approved the $200 million (EUR 170.3 million) Economic Transformation Development Policy Operation to support Armenia’s transition toward a more competitive, and globally integrated economy that manages emissions responsibly. 

In addition, the OPEC Fund intends to provide parallel financing of up to $92.8 million equivalent (EUR 80 million), bringing the total support package to approximately $290 million (EUR 250 million).

It is noted that The Armenia Economic Transformation Development Policy Operation supports a multisectoral reform agenda aimed at modernizing Armenia’s investment and business environment, strengthening competition and consumer protections, and embedding resilience into the country’s fiscal and regulatory systems.

“Armenia has an ambitious reform agenda, and we support the country’s efforts to build a more open, competitive, and sustainable economy. Transitioning towards a more diversified and resilient economy will create the conditions for growth that benefit every citizen,” said Fabrizio Zarcone, World Bank Country Manager for Armenia.  

The operation is structured around two pillars. The first focuses on unlocking investment and trade and fostering competition. The reforms include modernization of the legal framework for investment, streamlining customs processes, targeting a 20 percent reduction in import processing times, and strengthening consumer protection and limiting unfair commercial practices. The reforms also support the adoption of laws that are foundational for the digital economy, including improving cybersecurity governance.

Reforms under the second pillar aim to enable a more resilient economy and complement the first pillar by facilitating investments that manage emissions responsibly.