ERDB TO INCREASE ALLOCATIONS TO ARMENIAN ECONOMY

PanARMENIAN.Net - The appointment of Michael Weinstein the new head of the Yerevan office proceeds from the European Reconstruction and Development Bank's (ERDB) strategy aimed at activation of its participation in the Armenian market, Business Group Director for Armenia, Azerbaijan, Belarus, Georgia and Moldova Michael Davey stated at a press conference. In this view, the ERDB will increase the amount of finance in Armenia up to 15 million euros (last year the figure made 8 million euros). Mr. Davey informed that 12 contracts will be signed this year and noted that the ERDB will mostly focus at financing the private sector, energy, industry and agriculture being priorities. Besides providing credits the Bank will practice direct participation in the capital of private companies of the real sector of economy in Armenia. As Michael Weinstein told journalists, the ERDB is interested in the development of the private sector without passing by the financing of major projects on establishing business infrastructures. The Bank is also planning to assist to the development of mortgage lending in the republic. "We are ready to enter this market if the essential legal basis of formed", he said. The head of the ERDB Yerevan office is going to discuss the issue with the Armenian Prime Minister and the Minister of Finance and Economy. To note, the ERDB has signed agreements on 7 investment programs to the sum of 88 million euros.