Armenia’s Minister of Finance Gagik Khachatryan and Mr Jean-Michel Happi, World Bank’s Country Manager for Armenia, have signed loan and financing agreements to ensure implementation of projects in social and educational sectors.
Under the Social Protection Administration Project of the International Development Association (IDA), Armenia will receive a 13.9mln ($21.2mln) Special Drawing Rights (SDR) loan).
The project aims to improve the provision of services in the social sector and strengthen analytical, monitoring and evaluation functions of agencies that grant social benefits.
Under the Education Quality and Relevance Project, Armenia is to receive a $30mln loan, including $15mln from the World Bank and a 9.8mln SDR loan from the IDA.
The project aims to increase the level of preparedness of elementary schools children, improve physical conditions in high schools and access to educational resources, as well as assist in improving the quality of education in higher education institutions.