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World Bank still financing Armenia

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  • World Bank still financing Armenia

    A1plus

    | 17:57:27 | 01-07-2005 | Economy |

    WORLD BANK STILL FINANCING ARMENIA

    Armenia has managed to `convince' the World Bank to continue the financing
    of the Informational Technologies field till the end of 2006. {BR}

    The World Bank will finance the continuation of the program `Companies'
    Incubator'. It started in 2002 when the Bank allotted 5 million USD to
    Armenia for the program. During the creation of the program there was
    financing from other organizations as well which allowed us to `economize
    means'.

    Today the World Bank will not allot money to Armenia, but they will continue
    to use the economized means. And as the `Companies' Incubator' is considered
    a realized structure in Armenia, in the new stage of financing the means
    will be directed to the development of the structure.

    The `Companies' Incubator' will provide business-consultation. The head of
    the company Bagrat Engibaryan informed the journalists today that the
    branches of the Incubator will create new companies. In the closest future
    two will be created.

    It should also be mentioned that in the field of informational technologies
    there are about 100 companies in Armenia which have realized production and
    import of about 50 million USD.
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