ArmInfo. Deputy Economy Ministers of Armenia Varos Simoyan and Naira Margaryan met with World Bank (WB) Trade Promotion and Quality Infrastructure program Managers Yerali Beksultan and Karen Grigoryan, as well as Program Coordinator Georgi Khachatryan.
As the press service of the Ministry of Economy of the Republic of Armenia reports, Simonyan briefly spoke about the economic situation in the republic and the priorities of the government.
The parties discussed the grant subprogram "Development of Exporters", provided for in the framework of the program " Trade Promotion and Quality Infrastructure ", which will be implemented by the Center for Investment Promotion. Naira Margaryan presented the progress of the subprogram and the proposals of the ministry.
Varos Simonyan, in turn, made proposals regarding the implementation of the subprogram "Modernization of quality infrastructures" within the framework of the program "Promotion of trade and quality infrastructure".
The interlocutors noted the importance of timely implementation of measures and increasing their productivity.
Earlier it was reported that the World Bank Board of Directors approved the provision of a loan of $ 50 million to Armenia in the framework of financing the Trade Promotion and Quality Infrastructure program. The total funding of the program is $ 59.54 million, of which $ 9.54 million falls on the share of the Armenian government. The World Bank will provide an IBRD loan of $ 50 million with a floating interest rate, maturity of 25 years and a 10-year grace period.
The program aims to strengthen the government's ability to improve the quality of services in order to stimulate exports, attract local and foreign investments and expand the business. "The main driving force in the process of transition to high incomes is trade. This program will facilitate the implementation of such programs through which physical, human and institutional assets will be modernized to ensure long-term export competitiveness," said Jean-Michel Happi , head of the World Bank Yerevan Office.
Within the framework of the program, support will be provided on the issues of the effectiveness of trade stimulation and improvement of the quality system in Armenia, stimulation of investments and exports, as well as the modernization of national quality infrastructures.