USD 30 MILLION OUT OF HALF BILLION TO BE ALLOCATED TO ARMENIA’S SMALL AND MEDIUM BUSINESS DEVELOPMENT

Noyan Tapan
May 26, 2009
Yerevan

USD 30 million out of half billion of Russia’s loan will be directed
to support the small-to-medium business development in Armenia. In
particular, that amount will be provided to the National Center of
Small and Medium entrepreneurship development, which will carry out
crediting of businesses, RA prime minister Tigran Sargsyan told a
recent sitting of the government.

According to him, resources will be also directed to hypothec fund. "We
hope these measures will mitigate the negative impact of the global
financial crisis," prime minister stated.

To credit small and medium business about AMD 15 billion (USD 50
million) was allocated to the Armenian German Fund operating at
the RA Central Bank in 2008, and USD 50 million was provided by the
World Bank.