Interfax, Russia
June 9 2009
EBRD to provide 180 mln euro in loans to Armenia in 2009-2010
YEREVAN June 9
The European Bank for Reconstruction and Development (EBRD) has
announced the start of a new strategic program for Armenia in
2009-2010 worth 180 million euro in lending, the EBRD said in a
statement.
The statement said: "the strategy for 2009-2010 focuses on areas that
will help the country alleviate the effects of the economic downturn.
Although Armenia is not directly exposed to the turmoil on the global
capital markets, the crisis will reach the country through diminishing
remittances and declining exports. Armenia’s fledging prosperity is
likely to be severely tested in the difficult years ahead, and the
country’s best hope for weathering the crisis lies in further
developing its small and medium enterprises."
The statement said: "EBRD will foster its support for Armenian banks
by offering credits for on-lending, and by introducing such new
products as energy efficiency loans. EBRD will selectively pursue
equity participation in Armenia’s leading banks and will encourage
consolidation of the banking sector."
The EBRD is the leading investor in Armenia. To date the bank has
provided over 240 million euro in financing for 64 programs in
Armenia.
Ih (Our editorial staff can be reached at eng.editors@interfax.ru)
From: Emil Lazarian | Ararat NewsPress