ARMENIA RECEIVED AMD 38.6 BILLION OF RUSSIAN CREDIT

PanARMENIAN.Net
28.08.2009 14:50 GMT+04:00

/PanARMENIAN.Net/ Armenia has already received AMD 38.6 billion
of Russian credit, RA Finance Minister Tigran Davtyan told a news
conference Friday. A major part of Russian sub-credit will be used
for developing economy. "In terms of national currency, the sum
comprises AMD 185 billion, of which AMD 120 will spent on promoting
and developing economy, and AMD 38.6 thousand has already reached
economy," he said.

At this stage, Ministry is undertaking intensive steps to make
remaining part of resources accessible to entrepreneurs and real
sector, small and medium enterprise and macro entrepreneurs. "These
are huge sums to be allocated within several months," Minister added.

Tigran Davtyan characterized economic recovery a gradual process whose
"results will be visible at the end of the fourth quarter."

Since the start of the current year, Armenian Government has allocated
a sum equivalent to USD 30 million to the development of small and
medium enterprise. World Bank’s credit program targeted at economic
development is in process. "Some of those resources have already
reached economy while others are still in process. This inspires
optimism with regard to annual indexes." Mr. Davtyan said.

On May 20, Russian and Armenian Finance Ministers Aleksey Kudrin
and Tigran Davtyan signed an agreement on allocating $500 million
credit to Yerevan at +3% interest rate. Under the document signed,
allocated means shall be paid off within 15 years.

From: Emil Lazarian | Ararat NewsPress