Armenian government allocates $44 million to develop mining industry.

PanARMENIAN.Net - In the framework of the visit to Syunik region the RA prime minister Tigran Sargsyan visited 'Agarak Copper Molybdenum Plant', press office of the RA government reports.



The purpose of the government sitting in Syunik region is to find solutions to current problems of the region. RA prime minister Tigran Sargsyan familiarized with the social and economic situation of the region and problems of concern of the local population. Then meeting with the management of the 'Agarak Copper Molybdenum Plant' followed.



As Mr.Sargsyan mentioned, the RA government made a decision to provide the plant 14 million dollar credit for a 4-year term to obtain new equipment and raise production efficiency and to made the enterprise more competitive. The prime minister assured that the provided means will help the plan to pay off its debts. "As the management of the plant assured, the credit will help to resolve the problem of salary debts, in particular," Tigran Sargsyan said. The enterprise will resume operations starting from July 1.



The Armenian government recently approved  the program on Syunik social economic development over 2010-2013. To intensify the metal mining industry of the region  the government made a decision to provide with 15 million dollar loans 'Zangezur Мining' (for 5 year term), 'Armenian Мolybdenum Production'  (for a 5 year term) each.



44 million dollars will be allocated from the state budget.  The Prime  minister particularly mentioned, that the amount is provided from the Russian credit and will help to improve social and economic life of Syunik region and to alleviate the consequences of the global financial crisis.  The credit resources will be directed to boost exports from the country and to cut production costs.
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