ADA EXPECTS $2 MILLION GRANT FROM WORLD BANK

ARMENPRESS
Feb 21, 2008

YEREVAN, FEBRUARY 21, ARMENPRESS: Chief of the Armenian Development
Agency (ADA) Tigran Davtian said to Armenpress his agency is expected
to receive a total of $2 million in grants from the World Bank as
technical assistance. He said the ‘fundamental’ agreement has been
reached.

The first grant in the amount of $500,000 is expected to arrive
at the end of this year. The rest $1.5 million will come in equal
disbursements in the next three years.

He said the ADA will provide as much of its internal resources and the
entire money will be used to strengthen the capacities for attracting
foreign investments and help local companies to advertise and sell
their products abroad, which are two major tasks of the ADA.

He could not say exactly how much of foreign money was invested in
Armenian economy last year saying the figures were being summarized,
but he said the growth against 2006 was double-digit.