EBRD to double financing for Armenia in 2005

EBRD to double financing for Armenia in 2005

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

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.