World Bank to allocate $25 million loan to Armenia

The World Bank Executive Board yesterday approved the $25-million loan program for Armenia (Development Policy, Function 2).

The allocated sums will be used for funding the budgetary programs, including social programs and those aimed at increasing economic competitiveness, Head of WB Armenian Office Jean-Michel Happi told a news conference on Wednesday.

He said the sums will be particularly directed at covering the expenses of the socially disadvantaged, funding social security network strengthening programs, increasing access to pre-schools educational programs in poor communities and enhancing the quality of medical services in the process of treating contagious diseases.

The program also supports the principal reforms program aimed at enhancing the business environment in Armenia.