OVER HALF OF CREDITS GIVEN BY PROGRAM OF GERMAN-ARMENIAN FUND DIRECTED
AT SPHERE OF TRADE

YEREVAN, August 9 (Noyan Tapan). The crediting portfolio of the
crediting program of Small and Medium Enterprises (SME) of the
German-Armenian Fund (GAF) increased twice as much in comparison with
the index of late July of last year and made 24.1 mln euros as of late
July of this year. 52.4% of credit funds is invested in trade, 26.2% –
in production, 12.2% – in service, 9% -in agriculture and 0.2% – in
construction. Garik Khachatrian, consultant on credits of the
German-Armenian Fund, told NT’s correspondent that since the beginning
of the program, i.e. since 1999, banks-participants (today
“Armeconombank”, “Converse” Bank, “Anelik” bank and “Inecobank”) have
given 13,000 credits of a total of 80.8 mln euros. Credits of a total
of 20.4 mln euros were given only this year. Credits are given with
the term till 3 years (19-24%). Annual interest rates of
“express-credits” of till 1 mln, 200 thousand drams (about 2.3
thousand dollars) make 25-27% with the maturity date till a year.