WB TO HELP ARMENIA WITH SMB DEVELOPMENT
ARKA
March 17, 2009
YEREVAN, March 17. /ARKA/. At its sitting today the Armenian Parliament
discussed the issue of ratifying a credit agreement between Armenia
and the World Bank under a program of ensuring available funding for
small-to-medium businesses.
RA Deputy Minister of Finance Vardan Aramyan reported that, under
the agreement, Armenia will for the first time receive a WB credit
for 26 years and six months, with a 5-year grace period.
On February 24, the WB approved the allocation of $85mln to Armenia
to temper the impact of the global crisis on the country. The country
is to receive $50mln under the program of ensuring available funding
for small-to-medium businesses.
Aramyan said that the funds will be provided to the Central Bank of
Armenia (CBA), which, turn, will distribute them among small and
medium-sized enterprises. Aramyan pointed out that this mechanism
of SMB funding has been tested and applied in cooperation with the
German KfW bank.
From: Emil Lazarian | Ararat NewsPress
Disclaimer: This article was contributed and translated into English by Emil Lazarian. While we strive for quality, the views and accuracy of the content remain the responsibility of the contributor. Please verify all facts independently before reposting or citing.
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