ARMENIAN GOVERNMENT TO PROVIDE CREDITS OF 44 MILLION DOLLARS TO THREE BIG ENTERPRISES IN MINING INDUSTRY
Noyan Tapan
June 29, 2009
YEREVAN, JUNE 29, NOYAN TAPAN. Within the framework of its anticrisis
measures, the Armenian government will provide credits of 44 million
USD to three big enterprises in mining industry – Armenian Molybdenum
Production and the copper and molybdenum enterprises in Zangezur
and Agarak. RA Minister of Finance Tigran Davtian said at the June
26 sitting of the government held in Syunik marz that in this way
the government will promote the mining industry and encourage the
operation of companies having great export potential.
According to the minister, Armenian Molybdenum Production and the
Zangezur copper and molybdenum enterprise will receive 15 million USD
each, while the Agarak enterprise will be given 14 million USD, with
a repayment period of 4-5 years. The Ministry of Finance will sign
security agreements with these companies, and their production spaces
and the equipment to be purchased with credits are given as a security.
Prime Minister Tigran Sargsyan said that these are quite considerable
sums and will be allocated by the Russian side. In his opinion,
this will create activity in the life of Syunik marz (province) and
give impetus to the work of the indicated enterprises, helping them
overcome the temporary difficulties due to the crisis.
According to the prime minister, the Armenian commercial banks cannot
give large amounts of credits as they are not capitalized to such a
degree, and for that reason considerable credits are provided by the
state. He attached importance to public control of this process.