OPEC Fund supports Armenia’s green, inclusive and sustainable development with €50 million loan

November 21, 2023: The OPEC Fund for International Development (the OPEC Fund) is supporting green, inclusive and sustainable development in Armenia with a €50 million loan through its program lending instrument. 

This program aims to support the government’s developmental efforts to foster climate change mitigation and adaptation, improve environmental management and energy efficiency, enhance equity, promote human capital development and strengthen governance. The program was developed with the World Bank, which has provided a parallel loan of €92.3 million (US$100 million equivalent) for its implementation. 

OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said:

“We are pleased to partner with the government of Armenia and the World Bank to support this ambitious program, investing in the development of human capital and improving climate change resilience. The program will support Armenia’s long-term development ambitions and national plans, while helping it to achieve multiple Sustainable Development Goals.”

Armenia’s Green Inclusive and Sustainable Development Program is in line with the government’s five-year development plan (2021-2026) and includes fundamental steps such as a reform of the public investment management framework, a review of the justice system and relevant environmental legislation, an overhaul of the social assistance system and a modernization of the national curriculum strengthening Science, Technology, Engineering, and Mathematics (STEM).

About the OPEC Fund 

The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$24 billion to development projects in over 125 countries with an estimated total project cost of US$190 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA, Outlook Positive by S&P. Our vision is a world where sustainable development is a reality for all.