Armenia received AMD 38.6 billion of Russian credit

PanARMENIAN.Net - Armenia has already received AMD 38.6 billion of Russian credit, RA Finance Minister Tigran Davtyan told a news conference Friday. A major part of Russian sub-credit will be used for developing economy. "In terms of national currency, the sum comprises AMD 185 billion, of which AMD 120 will spent on promoting and developing economy, and AMD 38.6 thousand has already reached economy," he said.



At this stage, Ministry is undertaking intensive steps to make remaining part of resources accessible to entrepreneurs and real sector, small and medium enterprise and macro entrepreneurs. "These are huge sums to be allocated within several months," Minister added. Tigran Davtyan characterized economic recovery a gradual process whose "results will be visible at the end of the fourth quarter."



Since the start of the current year, Armenian Government has allocated a sum equivalent to USD 30 million to the development of small and medium enterprise. World Bank's credit program targeted at economic development is in process. "Some of those resources have already reached economy while others are still in process. This inspires optimism with regard to annual indexes." Mr. Davtyan said.



On May 20, Russian and Armenian Finance Ministers Aleksey Kudrin and Tigran Davtyan signed an agreement on allocating $500 million credit to Yerevan at +3% interest rate. Under the document signed, allocated means shall be paid off within 15 years.