World Bank intends to lend $100 to 200 million to Armenia for crediting small and mid-scale business

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Economy

10.12.2008, 17:05

World Bank intends to lend $100 to 200 million to Armenia for crediting small and mid-scale business, Aristomene Varoudakis, director of World Bank’s Yerevan Office, said on Tuesday.

YEREVAN, December 10. /ARKA/. World Bank intends to lend $100 to 200 million to Armenia for crediting small and mid-scale business, Aristomene Varoudakis, director of World Bank’s Yerevan Office, said on Tuesday.

He told journalists that the bank plans to provide a credit line, but has not decided yet how much to lend.
It is only planned to lend sufficient money for financing small and mid-scale businesses’ needs, Varoudakis said.

He said that the first tranche is planned to be transferred in January or February 2009. This money will be targeted for crediting small and mid-scale business, for upgrading productivity and creating new jobs.

The crediting will be implemented as part of the government’s efforts to resist the global crisis. Under cooperation with the Central Bank of Armenia, the money will be lent to several commercial banks, which will independently introduce selection criteria for crediting small and medium enterprises.

The World Bank has lent $1.1 billion to Armenia since 1992. -0-

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