The World Bank has approved a loan worth $80 million for Armenia, Jean-Michel Happi, head of the WB office in Yerevan, said, News Armenia reports.
The funds will be provided as part of the Third Development Policy Operation (DPO-3) to support Armenia. WB provided $60 million as DPO-1 in 2009 and $25 million as DPO-2 in 2010. The finances were used for reformation of the program.
$50 million out of $80 million of DPO-3 will be provided by the International Development Society for 25 years with a beneficial period of 5 years at an annual rate of 1.25%. $30 million will be provided for 25 years by the International Bank for Reconstruction and Development for 25 years with a beneficial period of 10 years. It will have a six-month rate of USD LIBOR with initial fee of 0.25% of the sum.
The WB has provided Armenia with $1.5 billion since 1992.
