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EBRD to double financing for Armenia in 2005

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  • EBRD to double financing for Armenia in 2005

    EBRD to double financing for Armenia in 2005

    Interfax
    May 20 2004

    Yerevan. (Interfax) - The European Bank for Reconstruction and
    Development plans to allocate loans of 20 million euros to Armenia
    in 2005, compared to expected loans of 10 million - 12 million euros
    in 2004, EBRD President Jean Lemierre said at a press conference
    in Yerevan.

    Three years ago, the EBRD was not allocating loans to Armenia and
    in 2003 it disbursed just 6 million euros. The money disbursed in
    2003 was spent on developing the private sector and expanding export
    opportunities.

    The EBRD loans allocated in 2004 will go to buying shares and into
    long-term financing (5-7 years at commercial interest rates).

    Priority areas for financing in 2005 will be the mining industry,
    energy, agriculture product processing, trade, tourism, hi-technology
    and services, especially mortgage financing.
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