“IZMIRLYAN-EURASIA” UNIVERSAL CREDIT ORGANIZATION CONFIRMED 41 CREDIT
PROGRAMS ON $2.3 MLN
YEREVAN, JUNE 8. ARMINFO. The “Izmirlyan-Eurasia” Universal Credit
Organization (UCO) established in March, 2004 and become the successor
of the similar Fund for crediting small and middle-size business in
Armenia since 1995, has already confirmed 41 credit programs worth a
total $2.3 mln.
The UCO executive director Zakar Boyajyan informed today at the
opening ceremony that the re-registration of the Fund into the UCO was
imposed with both the change of country’s legislation and the wish of
its founders – the “Izmirlyan” private Swiss Fund and the “Eurasia”
American State Fund – to continue a successful credit activity on
developing small and middle-size entrepreneurship in Armenia. He
informed that 275 new work places were created in Armenia owing to the
UCO credits by the end of May. Credits are given at 15% annual profits
on at most 4 years.
The UCO finances the production, service and agriculture spheres not
crediting trade organizations. $1.158 mln were directed to financing
capital outlays, 41.144 mln- to replenishment of circulating
assets. 32 new requests for financing business worth a total $1.6 mln
are in the UCO portfolio at present. According to Boyajyan, 35% of
given credits concerned the sphere of foodstuff processing, 23% –
service, 21% – consumer goods production, 10% – health-care, 5.4% –
manufactured goods production and 4.5% – agriculture. 30% (or
$700.000) of $2.3 mln credit resources were given to the Yerevan
enterprises, $395.000 – to enterprises of Shirak, $295.000 – to Lori,
$270.000 – to Aragatsotn, $200.000 – to Armavir, and $155.000 – to
Syunik regions. Enterprises in the rest regions received credits on
less than $100.000.
President of Armenia’s CB Tigran Sargssyan highly appreciated the
cooperation of both funds within the UCO framework. He emphasized that
credit programs are being implemented actively in country’s regions
need for the development of the serious business structures and the
creation of work places.
To note, 296 credits worth a total 10.5 mln have been given to small
and middle-size business enterprises (2.219 new work places were
created) during 9 years within the framework of the former
“Izmirlyan-Eurasia” Program, including, due to the additional means of
both the USAID and the “Lincy” Foundation.