Euro Reconstruction bank ups investment in Armenia

Euro recon bank ups investment in Armenia

Big News, Australia
May 20 2004

The European Bank for Reconstruction and Development is boosting its
investment in Armenia, the Moscow Times reported Thursday.

The ERBD is going to almost double its annual investment in the small,
former Soviet republic in the Caucasus this year to 10 million to
12 million euros ($12 million to $14 million), bank President Jean
Lemierre said at a briefing in the Armenian capital of Yerevan.

Lemierre also said the bank planned to further raise its investment
to 20 million euros, ($24 million) in 2005.

The EBRD planned to invest major resources in small- and medium-sized
businesses producing food products, Lemierre said. The bank was also
going to expand its branch office in Yerevan and increase the number
of staffers there dealing with small- and medium-sized businesses,
he said.