WB TO IMPLEMENT $50MLN WORTH SME SUPPORT PROGRAM WITH IBRD

ARKA
Jan 28, 2009

YEREVAN, January 28. /ARKA/. The World Bank (WB), together with the
International Bank for Reconstruction and Development (IBRD), intends
to implement a program of support to small and medium enterprises
(SME) for a total of $50mln, WB Vice-President for Europe and Central
Asia Shigeo Katsu told journalists Tuesday.

Former WB Regional Director for South Caucasus Donna Dowsett-Coirolo,
in her turn, pointed out that loan demand in SME sector is about
$250mln as per the estimates of Armenian Government.

Part of this demand will be met by the World Bank, but the Armenian
Government will have to seek for other financial sources as well,
she said.

The Bank has been holding discussions with Armenia on funding SME
since December last year, Dowsett-Coirolo said. As a result, the
program structure has been approved based on successful example of
the SME funding program implemented by German KfW in Armenia, she said.

The World Bank intends to extend $525mln to Armenia for implementation
of new programs, technical assistance and consulting services in
four years.

Since the beginning of its cooperation with the WB Armenia has
received a total of $1.1bln of loan funds from the bank for over 50
programs.

From: Emil Lazarian | Ararat NewsPress