Universal creditor

A1plus

| 15:45:06 | 08-06-2005 | Economy |

UNIVERSAL CREDITOR

Today the official opening of the `Izmirlyan-Eurasia Universal Credit
Company’ LTD took place, although the Credit Company has been working since
2004 August.

According to the executive director of the Company Zaqar Boyajyan the two
companies have united `to make their investment in the improvement of the
economy and living level in Armenia’. Up to now the `Izmirlyan-Eurasia
Universal Credit Company’ has certified 41 credits of a total sum of 2.3
million with 275 working places. The credits are mainly given to
food-producing, service and agricultural companies.

The longest term of the credits is 48 months, the largest sum is 125 000 UA
dollars, and the yearly interest is15%. Asked if the interest is not high
for Armenia deputy head of the Izmirlyan fund Gregory Jerejyan said that
they have taken into consideration the interest rate in the market.
Moreover, according to him it is an attractive figure. Besides, as Mr.
Jerejyan said, the money from the payment of the interests is again
circulated in Armenia in the form of credits.

By the way, up to now only 3% of those who have received credits have not
paid it off on time. According to Boyajyan, different law sanctions are
imposed upon them.