Armenia-based startup developing project for the World Bank




Fambox, a startup operating in Gyumri’s Technology Center (GTC), will develop a project for the World Bank’s Headquarters in Washington using the MarkLogic database.

GTC manager Amalya Yeghoyan says the cooperation is unprecedented for Armenia. “This is the first time the World Bank acts as a client and business partner, not as creditor,” she said, speaking to Public Radio of Armenia.

Fambox submitted a trial project before receiving an order from the World Bank, said David Hyusyan, the Company’s Founding Director.

The project will cost $50,000 in the initial stage. It will help create new jobs and open up good perspectives for young specialists of the sphere.

“This will also make Armenia better known to the world and will raise the country’s international standing,” said Technical Director Emil Yeritsyan.

Fambox was among the 12 winners of the competition of innovative ideas announced by the Enterprise Incubator Foundation (EIF) in 2015. The Gyumri Technology Center was established in 2014 by the Government of Armenia and Enterprise Incubator Foundation with financing from the  World Bank.

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