ERDB TO INCREASE ALLOCATIONS TO ARMENIAN ECONOMY

06.04.2005 03:55

/PanARMENIAN.Net/ The appointment of Michael Weinstein the new head
of the Yerevan office proceeds from the European Reconstruction
and Development Bank’s (ERDB) strategy aimed at activation of
its participation in the Armenian market, Business Group Director
for Armenia, Azerbaijan, Belarus, Georgia and Moldova Michael Davey
stated at a press conference. In this view, the ERDB will increase the
amount of finance in Armenia up to 15 million euros (last year the
figure made 8 million euros). Mr. Davey informed that 12 contracts
will be signed this year and noted that the ERDB will mostly focus
at financing the private sector, energy, industry and agriculture
being priorities. Besides providing credits the Bank will practice
direct participation in the capital of private companies of the real
sector of economy in Armenia. As Michael Weinstein told journalists,
the ERDB is interested in the development of the private sector
without passing by the financing of major projects on establishing
business infrastructures. The Bank is also planning to assist to
the development of mortgage lending in the republic. “We are ready
to enter this market if the essential legal basis of formed”, he
said. The head of the ERDB Yerevan office is going to discuss the
issue with the Armenian Prime Minister and the Minister of Finance
and Economy To note, the ERDB has signed agreements on 7 investment
programs to the sum of 88 million euros.