The OPEC Fund for International Development is contributing to Armenia‘s eco-friendly and equitable development initiatives by offering a €50 million loan via its program lending method.
This initiative is designed to back the Armenian government’s projects focused on climate change action, environmental stewardship, energy conservation, fostering equality, advancing human capital, and enhancing governance.
The program, aligned with Armenia’s five-year development strategy (2021-2026), includes critical reforms in public investment management, justice system evaluation, environmental law updates, social aid system revamp, and upgrading the national curriculum with an emphasis on STEM (Science, Technology, Engineering, and Mathematics).
This is in collaboration with the World Bank, which has also allocated a parallel loan of €92.3 million (equivalent to US$100 million) for its execution.
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,” Alkhalifa continued.
On a separate note, a devastating explosion occurred at a university facility in Yerevan, the capital of Armenia, resulting in one fatality and three injuries, as reported by the authorities.
The incident took place on Friday in the basement of the chemistry department at Yerevan State University, according to the Interior Ministry.
Among the injured, health officials noted that one individual was critically wounded, suffering from severe burns and other injuries.
The investigation into the cause of the explosion is currently underway.
Yerevan State University, where the incident happened, is a prominent educational institution in Armenia. Established in 1919, it is the oldest university in the country and plays a crucial role in Armenian higher education.
