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    Categories: News

Over Half of German-Armenian Program Funding To go Sphere of Trade

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.

Emil Lazarian: “I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS
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