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| 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.