EBRD may invest $60-80 mln. in Armenian economy in 2012

PanARMENIAN.Net - In the framework of the strategy on Armenia, European Bank for Reconstruction and Development (EBRD) intends to invest about $60-80 million in the country’s economy, head of EBRD Resident Office in Yerevan said.

Valeriu Razlog attributed 93% of bank’s creditors to the private sector; with EBRD strategy for the years to come to be aimed at lending in national currency, thus enabling the clients to avoid further risks.

“Several lessons have been reaped from the crisis. International institutions faced the problem of incompliance of creditors’ demands to receive funds in national currency,” he said, adding that lending in the national currency remains rather expensive.

On July 19, Araratbank OJSC and European Bank for Reconstruction and Development (EBRD) signed a loan agreement at the amount of USD 7 mln. The document was signed by the bank’s executive director Ashot Osipyan and the head of EBRD Resident Office in Yerevan Valeriu Razlog.