EIB to lend $61.4mln to Armenia to support SMEsDecember 9, 2014 - 15:12 AMT PanARMENIAN.Net - The European Investment Bank (EIB) will lend $61.4 million to projects to help Armenian small and medium-size enterprises (SMEs), CISTran Finance reports. The Central Bank of Armenia will be the focal point of the loan, which then will distribute funds to intermediaries that will work with the smaller projects with the specifics of lending funds. The vice president of the EIB, Wilhelm Molterer, said this is the first loan of this type to be given to the Armenian banking system and praised the cooperation between the financial institutions. “This loan to SMEs will complement our long-term fruitful cooperation and increase the EIB’s role in the sustainable development of the Armenian economy,” Chairman of the Central Bank of Armenia Arthur Javadyan said. The EIB said SMEs in the country make up many of the businesses, but they do not have the impact on the country’s macroeconomics that is expected, nor do they have a large impact on employment figures and measures of trade. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Russia clarifying reports on Baku’s alleged arms supply to Ukraine Russia says is carefully working to verify reports about alleged arms supplies from Azerbaijan to Ukraine Russia warns Armenia against “falling into West’s trap” Zakharova maintained, however, that anything that will benefit the people of Armenia can only be welcomed. CSTO: Armenia has not participated in secretariat’s work recently Recently Armenia has not participated in the work of the secretariat of the CSTO, Imangali Tasmagambetov said. Meeting with U.S., EU not against third parties, says Armenia The meeting scheduled for April 5 is dedicated to strengthening of the Armenia-EU-US cooperation, Yerevan added. |