WB TO HELP ARMENIA WITH SMB DEVELOPMENT

ARKA
March 17, 2009

YEREVAN, March 17. /ARKA/. At its sitting today the Armenian Parliament
discussed the issue of ratifying a credit agreement between Armenia
and the World Bank under a program of ensuring available funding for
small-to-medium businesses.

RA Deputy Minister of Finance Vardan Aramyan reported that, under
the agreement, Armenia will for the first time receive a WB credit
for 26 years and six months, with a 5-year grace period.

On February 24, the WB approved the allocation of $85mln to Armenia
to temper the impact of the global crisis on the country. The country
is to receive $50mln under the program of ensuring available funding
for small-to-medium businesses.

Aramyan said that the funds will be provided to the Central Bank of
Armenia (CBA), which, turn, will distribute them among small and
medium-sized enterprises. Aramyan pointed out that this mechanism
of SMB funding has been tested and applied in cooperation with the
German KfW bank.

From: Emil Lazarian | Ararat NewsPress