WB to help Armenia with SMB development
18.03.2009,
01:17
At its sitting today the Armenian Parliament discussed the issue of ratifying a credit agreement between Armenia and the World Bank under a program of ensuring available funding for small-to-medium businesses.
YEREVAN, March 17. /ARKA/. At its sitting today the Armenian Parliament discussed the issue of ratifying a credit agreement between Armenia and the World Bank under a program of ensuring available funding for small-to-medium businesses.
RA Deputy Minister of Finance Vardan Aramyan reported that, under the agreement, Armenia will for the first time receive a WB credit for 26 years and six months, with a 5-year grace period.
On February 24, the WB approved the allocation of $85mln to Armenia to temper the impact of the global crisis on the country. The country is to receive $50mln under the program of ensuring available funding for small-to-medium businesses.
Aramyan said that the funds will be provided to the Central Bank of Armenia (CBA), which, turn, will distribute them among small and medium-sized enterprises. Aramyan pointed out that this mechanism of SMB funding has been tested and applied in cooperation with the German KfW bank. –0--
RA Deputy Minister of Finance Vardan Aramyan reported that, under the agreement, Armenia will for the first time receive a WB credit for 26 years and six months, with a 5-year grace period.
On February 24, the WB approved the allocation of $85mln to Armenia to temper the impact of the global crisis on the country. The country is to receive $50mln under the program of ensuring available funding for small-to-medium businesses.
Aramyan said that the funds will be provided to the Central Bank of Armenia (CBA), which, turn, will distribute them among small and medium-sized enterprises. Aramyan pointed out that this mechanism of SMB funding has been tested and applied in cooperation with the German KfW bank. –0--
