This loan also aims to support Armenia's "Comprehensive and Sustainable Green Development Program."
Abdulhamid Alkhalifa, the Director-General of the OPEC Fund, emphasized the fund's commitment to supporting Armenia's climate adaptation program in collaboration with the World Bank, which has provided a parallel loan of €92.3 million.
The statement highlighted the importance of enhancing climate adaptation capabilities.
The OPEC Fund's statement explained that the "Comprehensive and Sustainable Green Development Program" supports Armenia's developmental aspirations and long-term national plans.
It helps Armenia achieve multiple Sustainable Development Goals (SDGs), improve environmental management, enhance energy efficiency, promote human capital development, and strengthen governance.
This loan signifies international support for Armenia's endeavors in addressing climate change and advancing sustainable development initiatives.