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Armenia To Seek $100 Million Russian Loan To Boost Diamond Cutting I

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  • Armenia To Seek $100 Million Russian Loan To Boost Diamond Cutting I

    ARMENIA TO SEEK $100 MILLION RUSSIAN LOAN TO BOOST DIAMOND CUTTING INDUSTRY

    ARKA
    December 25, 2009
    Yerevan

    YEREVAN, December 25, /ARKA/. Speaking at a final news conference
    this year Armenian prime minister Tigran Sarkisian said today Armenia
    will seek a $100 million Russian loan to boost the diamond cutting
    industry. He said the government has sent a relevant application to
    Russian partners.

    Sarkisian said the allocation of the loan depends on the success of
    the talks with Russian Alrosa, one of the biggest diamond producers
    in the world. He said the burden to repay the loan will be on
    private companies, whose representatives are negotiating the loan
    with Russians.

    According to the prime minister, Armenia will not seek other loans
    from Russia next year. The prime minister said 35 billion Drams of the
    $500 million Russian loan received earlier this year, were directed
    to the rehabilitation of the earthquake zone, 90 billion Drams were
    allocated to the Central Bank, small and medium-sized enterprises,
    to stimulate export, tourism development and creation of new jobs.

    Another 54 billion Drams are in the Central Bank's stabilization fund.
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