YEREVAN (Arka)—The Armenian government has approved the release of a US government grant of $1.2 million. The money that will be disbursed via USAID is to be used to boost Armenia’s private sector.
The money will be allocated as part of a bilateral agreement to support private sector’s competitiveness and diversification. It was signed in August 2010. A total of $55.1 million has been allocated already.
According to Armenian economy minister Artsvik Minasyan, $900,000 of the grant will be channeled to support regional energy integration program, and $300,000 to finance aviation and tourism programs.