$30 million to be allocated for medium and small sized business development

PanARMENIAN.Net - $30 million, out of $500 million funded by Russia, will be allocated to medium and small sized business development, RA Prime Minister Tigran Sargsyan told at Thursday's governmental meeting.



According to Prime Minister, negotiations with WB are being conducted over $ 250 million requested for small and medium sized business crediting. He reminded that last year AMD 15 million was provided for small and medium sized business. This year, NA ratified the agreement signed with WB for allocation of $50 million for small and medium sized business crediting.



On May 20 in Moscow Russian Finance Minister Alexei Kudrin and his Armenian counterpart Tigran Davtyan signed an agreement on granting of a $500 million loan to prop up the Armenian economy amid the ongoing economic crisis.



The loan will be extended for 15-years at LIBOR plus 3%.