Yerevan /Mediamax/. The World Bank’s Board of Executive Directors today approved the First Development Policy Operation (DPO-1) for Armenia in the amount of US$60mln.

Mediamax reports that the Head of World Bank Yerevan Office Aristomene Varoudakis stated at a news conference today that the means will be spent for overcoming the consequences of the crisis, in particular, for increasing funding for programs of social security networks and increasing competitiveness of Armenian producers.

Aristomene Varoudakis noted that the Development Policy is meant to last three years, and its total volume makes $100mln. He stressed that the remaining $40mln will be provided to Armenia in the course of the next two years. 

The means will be provided for the term of 20 years with 10 years’ period of 10 years and are a part of WB anti-crisis loan to Armenia at the volume of $550mln.