VALERIU RAZLOG: RESTORATION OF ARMENIAN ECONOMY IN 2010 TO START FROM BANKING SECTOR

PanARMENIAN.Net
15.01.2010 14:37 GMT+04:00

/PanARMENIAN.Net/ The banking sector will play a major role in the
restoration of the Armenian economy in 2010, according to Valeriu
Razlog, head of the EBRD Yerevan RO.

"Armenia’s economy will gradually recover from the crisis this year,
with more tangible changes to be observed in the second half of 2010.

We expect the economic activity growth in the country, what in
turn would spur the demand for finances," he told a PanARMENIAN.Net
reporter.

"In 2010, Armenian banks will have to fulfill the following
tasks: increasing and improving loan portfolios, as well as their
diversification.

The European Bank for Reconstruction and Development (EBRD) is an
international financial institution that supports projects in 29
countries from central Europe to central Asia. Investing primarily in
private sector clients whose needs cannot be fully met by the market,
the Bank promotes entrepreneurship and fosters transition towards
open and democratic market economies.

The EBRD is the major investor in Armenia. Its 2009, investments
totaled USD 150 million against of the USD 75 million in 2008. So far,
EBRD has invested over 335 million euro in the country’s economy for
implementation of over 70 projects.

From: Emil Lazarian | Ararat NewsPress