WORLD BANK "STABILIZATION" CREDITS OF 50 MILLION DOLLARS TO BE TRANSFERRED TO ARMENIA WITHIN TWO WEEKS

Noyan Tapan
March 19, 2009

YEREVAN, MARCH 19, NOYAN TAPAN. The World Bank’s "stabilization"
credits worth 50 million USD will be transferred to Armenia within two
weeks. The minister of finance Tigran Davtian stated at the March 19
sitting of the government that this money will be spent on financing
the programs on development of small and medium business. The right
to place the loans will be reserved for the Central Bank of Armenia
which will provide loans to commercial banks, while banks in their
turn will give credits to small and medium enterprises.

In the words of the prime minister Tigran Sargsyan, steps are also
being taken to attract additional financial resources because demand
for loans is greater. He said that agreements aimed at establishing
cooperation among small and medium enterprises engaged in various
sectors have been signed with international organizations.