Yerevan/Mediamax/. The World Bank (WB) decided to increase the financing funds for Armenia by $55mln, Armenian Prime Minister Tigran Sargsyan said.

Speaking at the government’s session today the Prime Minister said that WB Regional Director Asad Alam said this, Mediamax reports.

“This is first of all conditioned by the quality of our credit portfolio as well as by the high level of management. The WB has hailed our performance and the bank decided to increase funding for Armenia by $55mln,” Tigran Sargsyan said.

The additional funds will be directed to irrigation, road construction, health, education, agriculture as well as to taxation, customs and financial spheres.

WB’s Armenian credit portfolio currently makes $305mln. The Prime Minister authorized the heads of relevant bodies to define the timeframes for using these funds by September.

On July 7, the head of the WB Yerevan Office, Jean-Michel Happi, stated that the World Bank intends to allocate credit means to Armenia at the volume of $200mln within the coming two years to promote economic growth and combat poverty.