YEREVAN, February 8. /ARKA/. The International Finance Corporation (IFC), a member of the World Bank Group, will provide Armenia with $1.9 million grant to help it improve its investment climate.

An agreement to that end was signed today in Yerevan by Armenian economy minister Tigran Davtyan and IFC regional director for the Caucasus Thomas Lubeck. The aim is to reduce the red tape for entrepreneurs and improve the investment climate in close cooperation with IFC.

‘The money will be spent on reforming tax administration, assisting export and import operations, implementing inspections, as well as solveing food security problems", said Davtyan.

The reform program is based on the results of Doing Business Reform - Regulatory Simplification Project implemented by IFC in 2009-2011.

Thomas Lubeck said that the main purpose of the program is to improve the investment climate for small and medium-sized enterprises. He said the IFC welcomes the government’s efforts to improve the business environment.

Armenia has improved its position in the annual ranking Doing Business-2012 by six positions moving to the 55^th position.

Lubeck added also that the IFC is ready to assist the government in the implementation of further reforms that will contribute to creating favorable conditions for the Armenian businesspeople.

Armenia became a member of IFC in 1995. As of August last year, it invested $147 million in 28 projects here to promote financial markets, as well as manufacturing, energy and mining sectors. -0-