CREDIT PROGRAM FOR DEVELOPMENT OF ECONOMY IN ARMENIAN RURAL AREAS LAUNCHES

ARMENPRESS
Aug 24 2006

YEREVAN, AUGUST 24, ARMENPRESS: The implementation of a credit program
directed towards the development of economy of rural areas has launched
in seven Armenian provinces with the co-financing of the government of
Armenia and International Foundation of Agricultural Development. The
program, costing 28.7 million USD, is aimed at developing the stable
growth of the income of the population of rural areas.

Official from the Armenian Agricultural Ministry told Armenpress
that the efficiency of the supplier-producer-consumer chain will be
improved which will promote the investments in private sector by the
village population and owners of small and medium-sized business.

As part of the program Armenian Finance and Economy Ministry’s
village financing banks will provide credits to the owners of small
and medium-sized business.

According to the specialists of the program an analysis and
management office has started operating which is responsible for the
implementation of the program which will end in 2009.