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Armenian IT field to receive $24 million loans

Armenian IT field to receive $24 million loansJuly 01, 2012 | 00:12

YEREVAN. – The World Bank (WB) will grant $24 million loans to use it for the Armenian IT field, Armenian Minister of Economy Tigran Davtyan said at a meeting in Armenian City of Aghveran. The loan has already been confirmed by the WB.

According to the Minister, it is the second loan for the IT field. The first loan in the amount of $5 million has mainly served for the establishment of the Enterprise Incubator Foundation.

Davtyan also presented other sources of financing, except for loans. The field received $80 million annually from exhibitions, information materials, conference organization and participation.

Besides, over $170 million is granted to Gyumri city techno-park. Moreover, tourism and IT get direct investments from the state budget.USAID also makes investments.

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