The World Bank will grant Armenia $59.54 million at a floating rate for 25 years (10-year beneficial period) for development of trade and quality infrastructure, News Armenia reports.
$9.54 million of the sum will be transferred to the Armenian government.
Jean Michel-Happi, the head of the WB office in Yerevan, said that trade was the main motivating power to boost income. The program Armenia is implementing will modernize physical, human and institutional assets, while stimulating trade, standards of living, investment and modernization of quality infrastructure.
