ARMENIA NEGOTIATING WITH EBRD, ADB TO ATTRACT FUNDS FOR CREATING FREE ECONOMIC ZONE

/ARKA/
July 27, 2009
YEREVAN

YEREVAN, June 27. /ARKA/. Armenia is negotiating with European
Bank for Reconstruction and Development and Asian Development Bank
to attract funds for creating a free economic zone near Zvartnots
Airport, Armenian Economy Minister Nerses Nersisyan said Friday at
a press conference.

The Government plans to put the free-zone business project into
reality later this year.

The project is estimated to cost $200 to $250 million. The initial
stage will cost $50 million.

Nersisyan said that the construction of a logistic center and the
free trade zone for trade in fresh fruits and vegetables as well as
jewelry will be implemented in several stages.

"Negotiations are being held now with European and Asian development
banks on attraction of credits and possible partnership in the
project", Yeritsyan said.

He also aid that Armenian Government asked the Dutch leadership to
sent relevant experts to Armenia.

The International Union of Armenian Jewelers expressed willingness
to take financial part of the project.

The minister said that the logistic center would engage in
transportation of products from fields to the airport and then to
other countries.

Yeritsyan said that the project is likely to be expanded in the future.

In his words, elaboration of the business plan will be completed by
the end of thi s year, and after that it will be possible to embark
on attracting funds.

The creation of the free economic zone near the Armenian airport will
spur Armenian economy, give domestic manufacturers a chance to enter
new markets and simplify Armenian export.