CHAIRMAN OF ARMENIAN CENTRAL BANK LEFT FOR GERMANY

ARKA
May 8, 2009

YEREVAN, May 8 /ARKA/. Chairman of the Armenian Central Bank Artur
Javadyan left for Frankfurt May 7 where he will participate in the
regular session of the observer group of the German-Armenian Fund on
May 7-8, the CBA press-service reported.

Issues of credit programs for assistance to small and medium
businesses, stable development of housing market and development of
renewable energy will be discussed at the session.

Under the above mentioned programs, negotiations will be held with
the German Bank KfW on attracting new means.

The German-Armenian Fund (GAF) was established in 1998 by the
Governments of Armenia and Germany based on the agreement for financial
cooperation for assisting to small and medium businesses of Armenia.

Kreditanstalt fur Wiederaufbau (KfW) on behalf Federal Ministry for
Economic Cooperation and Development of Germany (BMZ) developed the
project and provided the financial resource. The Central Bank of
Armenia (CBA) is authorized to carry out the activities of the Fund
from the Armenian side.