LOANING IS NOT ADA’s PRIMARY PROBLEM
Norair Hovsepian
Azat Artsakh, Republic of Nagorno Karabakh
March 5 2007
In 2006 Artsakh Development Agency, which implements a program
of assistance to small and medium-sized enterprises, loaned 937.4
million drams to 106 applicants, said Armen Avagian, the director of
ADA. The terms and conditions are same. Instead, there is progress with
regard to collective applications. In 2006 8 collective applications
were met compared with 4 in 2005, although it is not a big number,
especially considering that they included wine growing only. 37.7
percent of loans in 2006 went to Stepanakert, 30 percent Askeran,
17.5 percent to Martuni, the other regions 0.4-6.2 percent.
Armen Avagian says in 2007 the loan program will focus on other
branches as well, namely food processing. However, loaning is not
the only program the agency implements, he said. The director of ADA
underlined the program for fostering exports. Namely, according to
Armen Avagian, the agency helped a few local producers participate in
Armenia Expo 2006 and Pan Armenian Expo 2006 in Yerevan, as well as
Made in Armenia Expo in Toronto, Canada. Besides introducing separate
producers the nature resources and possibilities for tourism in NKR are
presented, he says. In 2006 ADA set up a website with a special page
on the program for fostering export. Another strand in the activities
of ADA is to foster investments. "Having an attractive sphere for
investors is not enough, it is necessary to provide information
to potential investors," says Armen Avagian. As a result of the
information policy, investors from a number of countries have turned
to the agency for more information. "They are interested in banking,
light industry, tourism, and other spheres," said Armen Avagian.