ARMENIA PLANS TO RECEIVE $100 MILLION LOAN FROM RUSSIA FOR PURCHASE OF ROUGH DIAMONDS

ARKA
December 25, 2009
Yerevan

YEREVAN, DECEMBER 25, NOYAN TAPAN. The Armenian government is
conducting negotiations with Russian partners for receiving an
additional $100 million loan with the aim of developing the diamond
cutting sector. Prime Minister Tigran Sargsyan announced this at a
press conference held on December 25 to summarize the results of the
year 2009.

"If the negotiations are successful and we manage to come to an
agreement with Russia-based AlRosa company, then the attracted loan
will be used to develop the diamond cutting sector and to establish a
modern diamond-exchange in order to provide Armenian companies with
Russian raw material," the prime minister said. In his words, the
private sector, whose representatives are involved in negotiations on
the loan attraction, will bear the main burden of the loan repayment.

At the same time he said that there are no plans to receive other
credit resources from Russia.

T. Sargsyan reminded that in 2009 Russia gave a $500 million
stabilization loan to Armenia for the implementation of projects on
rehabilitation of the earthquake zone, the crediting of small and
medium business and the establishment of a stabilization fund for
taking anti-crisis measures.