ITAR-TASS, Russia
May 16 2009

Russia’s direct investments in Armenia economy ` about USD 2 bln.

16.05.2009, 12.17

YEREVAN, May 16 (Itar-Tass) – The aggregate volume of direct Russian
investments in Armenia’s economy amounts to over 1.8 billion dollars,
Russian Deputy Prime Minister Sergei Ivanov told journalists on
Saturday.

According to Ivanov, Russia is the main investor in the economy of
Armenia. `Some 1,000 Armenian companies work with the participation of
Russian capitals,’ he said. `All major Russian companies are engaged
in business in Armenia, and the aggregate volume of direct investments
amounts to 1.8 billion dollars.’

The deputy prime minister recalled that in 2008, Russian Railways
(RZD) became a concessive manager of the Armenian railway, and the RZD
daughter company – – South-Caucasian Railway (SCR) began working since
that year. `According to plan, investments in the SCR in 2009 will
amount to 2.7 billion roubles,’ Ivanov said. `These funds are included
in the budget and despite hard times, will be invested in the Armenian
railway.’

According to Ivanov, `it is necessary to put in order the railway of
Armenia.’ As he said, moneys will be used to upgrade the railway track
economy, increase trains’ speed and repair rolling-stock.

During his visit to the SCR office, Ivanov gave instructions to
especially study the issue of deliveries of building materials to the
Olympic building sites in Sochi.