YEREVAN, Armenia, December 9 (Xinhua)-- The World Bank (WB) and Armenia signed an agreement on the financing of a development policy for the country supporting key economic programs on Friday, local Armenpress reported.
This is the fourth such installment credited by WB to Armenia with a 14.5-year grace period and a 25-year repayment plan.
WB Senior Economist and Co-Task Team Leader, Gohar Gyulumyan said that this financing would support a wide range of economic reforms in Armenia aiming to promote fiscal, social and economic sustainability as well as strengthen competitiveness in the country.
The loan will contribute to a number of reforms that aim to ensure environmental standards in Armenia, particularly with regard to the reform initiative of the Mining Code, which will be brought in line with the Law on Waste Management. This will ultimately cur the level of negative influence of the mining industry on the environment.
Another area of focus of WB financing will be improving the business environment with the adoption of the Law on Bankruptcy, which will better balance the rights of creditors and borrowers.
