Armenian government to allocate $2.5mln worth budget guarantee to elite group construction company

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Economy

05.06.2009, 01:38

Armenian Government decided to allocate a $2.5mln worth budget guarantee to Elite Group company today for completing one of the construction projects in Yerevan.

YEREVAN, June 4. /ARKA/. Armenian Government decided to allocate a $2.5mln worth budget guarantee to Elite Group company today for completing one of the construction projects in Yerevan.

Earlier the country’s Minister of Finance Tigran Davtyan said that the government was ready to provide state guarantees for 20bln Drams to construction companies for promotion of construction projects.

Davtyan pointed out that today’s government decision is the first step on this way – in providing government guarantees provided by Ameriabank.

Elite Group has been properly working on the construction market since long ago and meets the government-set eligibility criteria for the guarantees, Davtyan said.

Armenian Premier Tigran Sargsyan, in his turn, said that it was the first application received by the government after the instrument of construction sector promotion was launched.

The Premier expressed hope that other companies eligible for the guarantees will follow the example. –0--

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