RA Economy Ministry discussed WB-funded Trade Promotion and Quality Infrastructure program implementation

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.