NEARLY 50 MILLION USD OF STABILIZATION CREDITS PROVIDED TO ARMENIA BY THE WORLD BANK TO BE TRANSFERRED DURING THE UPCOMING TWO WEEKS

ARMENPRESS
March 19, 2009

YEREVAN, MARCH 19, ARMENPRESS: Nearly 50 million USD of stabilization
credits provided to Armenia by the World Bank will be transferred
during the upcoming two weeks. During today’s session of Armenian
government the Finance Minister Tigran Davtian noted that these sums
will be directed towards the co-financing of the program of development
of small and medium-sized entrepreneurship in Armenia.

The right to distribute them will be given to the Armenian Central
Bank, which in its turn will provide credits to the commerce banks
and the latter – to the small and medium-sized enterprises. According
to T. Davtian, all the inter-state procedures of getting the credit
were implemented successfully within unprecedented brief periods.

Referring to this decision the Armenian Prime Minister Tigran
Sargsian noted that studying the process of distribution of the
means, all the efforts will be exerted in the future to involve other
additional financial means as the demand for the credits will be even
more. According to him, there are agreements with the international
organizations to develop the cooperation stage by stage.