ARMENIAN GOVERNMENT TO GIVE STATE GUARANTEES TO SMALL AND MEDIUM ENTREPRENEURS

Noyan Tapan

Nov 26, 2008

YEREVAN, NOVEMBER 26, NOYAN TAPAN. With the aim of reducing the impact
of the global financial crisis on Armenia’s economy, a council to
propose solutions to problems at Armenian production enterprises will
be set up by the instructions of the Armenian prime minister, the
head of the sectoral and territorial economic development department
of the RA ministry of economy Hayk Mirzoyan announced at the November
26 press conference.

In his words, the Armenian government will give state guarantees
to small and medium entrepreneurs so that they could avoid possible
consequences of the crisis by using the available credit resources.

H. Mirzoyan said that 17 billion drams (about 51 million USD) allocated
by the Armenian-German Fund will also be spent to assist the country’s
small and medium entrepreneurship. Besides, negotiations are being
conducted with the World Bank on provision of credit resources of
250 million USD for development of small and medium entrepreneurship
in Armenia.

The department head said that the ministry has developed a concept
of state and private cooperation which will soon be submitted to
the government for discussion. The ministry has also developed a
concept of creation of a free economic zone at Zvartnots Airport,
work is being done to prepare a concept of a free economic zone in
Gyumri. "The creation of a free economic zone is mainly aimed at the
export of Armenian agricultural products," H. Mirzoyan