MINISTRY OF FINANCE: ARMENIA TO OBTAIN MEANS OF ANTI-CRISIS FUND FOR FUNDING OF FIVE PROGRAMS

ARKA
Jan 25, 2010

YEREVAN, January 25. / ARKA /. Armenia introduced five policy
proposals for obtaining funds from the Anti-Crisis Fund Eurasian
Economic Community, Minister of Finance Tigran Davtyan said at a
press briefing on Saturday.

"We have already presented to the EurAsEC Anti-Crisis Fund about
five policy proposals from various sectors, particularly energy,
mining sector, metallurgy, information technology and chemistry,
which will be discussed to provide funding," the Minister said.

Treaty establishing the EurAsEC anti-crisis fund was signed in Moscow
on June 9 2009 by six countries – Russia, Kazakhstan, Kyrgyzstan,
Tajikistan, Belarus and Uzbekistan with the participation of Armenia.

The head of the Armenian Ministry of Finance reminded that the EurAsEC
Anti-Crisis Fund has about $ 10 billion, and the fund is provided to
develop in two directions.

The first, as the minister noted is the issue of stable or sovereign
loans to member countries of the fund.

The second focus of the Anti Crisis Fund, which is more interesting for
Armenia is the issue of so-called investment loans for large projects.

Davtyan recalled that at the suggestion of Armenia such loans may
be issued not only by government guarantees, but also directly to
companies.

"In the near future in Yerevan, there will be a branch of the Eurasian
Development Bank, which manages the fund," the Minister informed.

Davtyan believes that the EurAsEC Anti-Crisis Fund will enable the
states and companies to obtain additional funding without increasing
its debt burden.

EurAsEC is an international economic organization, with functions
related to the formation of common external customs borders of
its member countries, the elaboration of unified foreign economic
policies, tariffs, prices and other components of the functioning of
the Common Market.

It has been established in 2000.

Currently, the organization includes Belarus, Kazakhstan, Kyrgyzstan,
Russia, Tajikistan and Uzbekistan, and the observer countries are
Armenia and Moldova.