On May 24, the Republic of Armenia and the International Bank for Reconstruction and Development (IBRD) signed a memorandum of understanding for budget support financing. The memorandum was signed by Vache Gabrielyan, the Minister of Finance of Armenia, and Karoline Gegnat, the Director of the Armenian Office of the IBRD.

The agreement includes a provision of EUR 92,300,000 in loans and USD 16,000,000 in grants from the United States as part of the “Global Facility for Sustainable Development” program.

The program aims to address various issues such as climate change mitigation, promotion of renewable energy, improvement in governance and management of vulnerable areas, integration of human capital, enhancement of agricultural sector competitiveness, and promotion of the rule of law and effectiveness of the judicial system. Additionally, it also supports the resolution of problems faced by over 100,000 displaced persons resulting from the Nagorno-Karabakh conflict.

(Source: NEWS.am via Telegram)