Armenia needs investments not credits – Economist

NEWS.AM
September 19, 2012 | 14:39

YEREVAN.- Armenia’s economy needs credits, not investments, said head
of the Union of Domestic Goods Producers.

Vazgen Safaryan considers investments in major projects, for instance
NPPconstruction or Iran-Armenia railway, will be much more useful than
credits.

`China, as a state interested in investing in regional infrastructure,
may invest in the railway construction,’ he told reporters on
Wednesday.

However, he added, it is very important for Armenia to get a
$400-million credit to resume the work of Nairit chemical plant.
Credit request has been discussed by the Eurasian Development Bank for
already two years.

As to Armenia – Iran railway, a tender for construction has not been
invited yet. The Ministry of Transport is negotiating with investors.
There is also uncertainty about the construction of a new nuclear
unit. The Russian side declared its readiness to invest 20-25% of its
value.

Safaryan expects that the volume of industrial production in Armenia
will grow by about 6% – from AMD 992 to 1,050-1,060 billion this year.

From: Emil Lazarian | Ararat NewsPress