UBRD TO EXTEND 80MLN EUROS TO ARMENIA IN 2009

ARKA
Jan 21, 2009

YEREVAN, January 21. /ARKA/. The European Bank for Reconstruction
and Development (EBRD) is planning to extend 80mln Euros to Armenia
in 2009 against 63mln Euros in 2008, Head of EBRD Office in Yerevan
Michael Weinstein told a press conference at Novosti International
Press Centre.

Last year despite a number of complications in economy and the world
crisis shock the EBNRD increased investments in the country by 23%
as compared with 2007, Weinstein said. The EBRD has all the reasons
to work with Armenia and the management in London will provide all
possible assistance to the bank’s programs, he said.

Weinstein also reported that in 2008 the bank provided a record
high amount of financing to Armenia as compared with the previous
years. He expressed hope that the year 2009 will be a success and
implementation of a number of planned major projects will allow the
bank raising the financing substantially.

Weinstein reported that the EBRD is planning to bring the total amount
of it overall financing throughout the world up to 7bln Euros this
year against the planned 5.5bln Euros, as the bank, unlike other
financial institutions, decided not to reduce, but to increase the
funding volume.

An additional 1.5bln Euros is to be extended to the former Soviet
Union countries, particularly to the Caucasus and Middle Asia. Armenia
became member of the EBRD on Decem ber 7 1992 with its share being
EUR10mln. The bank is one of the greatest investors in Armenia:
it has allocated 202mln Euros so far through implementation of 52
programs.

From: Emil Lazarian | Ararat NewsPress