ADA EXPECTS TO RECEIVE CREDITS OF 2 MLN USD FROM WORLD BANK FOR SECOND PROGRAM ON DEVELOPMEMT OF ITS CAPACITIES

Noyan Tapan
Mar 13 2006

YEREVAN, MARCH 13, NOYAN TAPAN. At the March 10 sitting of the Armenian
Development Agency (ADA) Board, the draft second credit program on
development of the ADA Foreign Investment and Export Facilitation
(FIEF) capacities with World Bank (WB) resources was approved. ADA
Director General Vahagn Movsisian announced it at the March 11
press conference. According to him, the cost of this program to be
implemented in 2006-2009 will make 2 mln USD. It was noted that the
World Bank recognized the first 3-year credit program on development
of the ADA FIEF capacities as the best implemented program. During
the implementation of this program in 2003-2005, the WB allocated
credit resources of 1 mln USD to the agency. V. Movsisian said
that the spheres of high technologies, information technologies,
fine organic chemistry, exact architecture and biotechnologies, in
which intellectual work accounts for large part of production cost,
were selected as spheres for investment making within the program’s
framework in 2003. Database on possible 7 thousand investors was
created during the program. Information propaganda campaigns were
conducted in the US and European countries, now the second campaign
in the US, as well as propaganda campaigns in the Scandinavian and
Far East countries are underway.

According to the ADA Director General, in the course of these
propaganda campaigns, 30 companies either made investments in Armenia
or expressed an intention to do so. Among these comanies are Microsoft,
Sonix, IBM and Erikson, as well as the German airline Lufthanza. The
ADA created a website with the list of
5 thousand combinations developed in the country for the purpose of
attracting investments to the sphere of fine chemistry in Armenia. This
website, as well as presentation of the Armenian fine chemistry’s
potential in various countries contributed to the fact that the the
eneterprises of the sphere have received orders for synthesis of
500 combinations.

Representatives of 32 foreign companies will visit Armenia in 2006 in
order to become acquainted with the investment opportunities in fine
organic chemistry and biotechnologies spheres of Armenia. According
to V. Movsisian, as a result of developing the ADA capacities,
175 companies were set up in Armenia with foreign capital in
2003-2005 through the agency. Prior to launching the WB program,
the ADA received an average of 300 visitors annually, whereas in
2005 this index increased to 1,350. In the period of 2003-2005,
the ADA organized 40 exhibitions and 32 business forums.