Armenia to seek $100 million Russian loan to boost diamond cutting industry

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Economy

26.12.2009, 02:49

Speaking at a final news conference this year Armenian prime minister Tigran Sarkisian said today Armenia will seek a $100 million Russian loan to boost the diamond cutting industry. He said the government has sent a relevant application to Russian partne

YEREVAN, December 25, /ARKA/. Speaking at a final news conference this year Armenian prime minister Tigran Sarkisian said today Armenia will seek a $100 million Russian loan to boost the diamond cutting industry. He said the government has sent a relevant application to Russian partners.

Sarkisian said the allocation of the loan depends on the success of the talks with Russian Alrosa, one of the biggest diamond producers in the world. He said the burden to repay the loan will be on private companies, whose representatives are negotiating the loan with Russians.

According to the prime minister, Armenia will not seek other loans from Russia next year. The prime minister said 35 billion Drams of the $500 million Russian loan received earlier this year, were directed to the rehabilitation of the earthquake zone, 90 billion Drams were allocated to the Central Bank, small and medium-sized enterprises, to stimulate export, tourism development and creation of new jobs.

Another 54 billion Drams are in the Central Bank’s stabilization fund. ($1-376.92 Drams ). -0-

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