On December 17, 2020, a letter agreement was signed in Yerevan between the World Bank and the Republic of Armenia on “Armenian Mineral Policy Grant Project II (Grant No. TF0B3556)”. The RA President's decree on the approval of the agreement was approved by the executive at the sitting dated on January 14, 2021.
The reference of the RA Ministry of Territorial Administration and Infrastructure on the expediency of the agreement says:
An analysis of the current state of Armenia's mining sector shows that the sector, as a source of export earnings, foreign exchange inflows, foreign direct investment, and the establishment of relatively high-paying jobs, has a significant share in the national economy, providing high tax revenues. However, the mining sector does not fully meet the requirements of environmental protection, improvement and rehabilitation, rational use of natural resources, guided by the principle of sustainable development (environmental, social, economic and economic issues and coordinated actions).
In this regard, the improvement of the legislation and bylaws regulating the mining sector is highly important.
Funding from the World Bank for 2019-2020 was based on the EGPS TF Grant No. TF0A5519 (Mineral Sector Policy Project) to develop a strategy after two thematic studies. However, the Consultants' work was delayed and the main grant fund of the previous grant was closed, as a result of which it was not possible to develop the strategy.
Taking into account the importance of the goal, the Ministry of Territorial Administration and Infrastructure of the Republic of Armenia started negotiations with the World Bank to attract a new grant in order not to leave the goal unfinished.
January 21, 2021 at 13:11