EuAsEC anti-crisis fund begins considering release of $400 million loan to Armenia
11.06.2011,
01:17
The Eurasian Economic Community’s (EuAsEC) Anti-Crisis Fund (ACF) has begun considering release of a $400 million loan to Armenia, EuAsEC press service told ARKA.
YEREVAN, June 10. / ARKA /. The Eurasian Economic Community’s (EuAsEC) Anti-Crisis Fund (ACF) has begun considering release of a $400 million loan to Armenia, EuAsEC press service told ARKA.
Russian finance minister Igor Kudrin was the first to say that EuAsEC’s Anti-Crisis Fund could provide Armenia with a $400 million loan on June 4 after an ACF Board meeting in Kiev, Ukraine.
According to EUAsEC’s report, the Anti-Crisis Fund proceeded to studying and evaluating the details of an Armenian government’s plan designed to restructure some industries, based on the government-set priorities. The report said that ACF has hired independent industry consultants to examine Yerevan’s bid. They will have to develop recommendations for a decision on providing a financial credit to the government of Armenia. The final say belongs to ACF Board. The loan may be directed to the modernization of the Armenian Nairit plant, as well as to revitalize Armenia’s chemical industry.
Earlier Armenian minister of energy and natural resources, Armen Movsisyan, said the modernization of Nairit plant may cost up to $400-500 million.
The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, economic growth and the expansion of trade and other economic ties in its member states. The Bank is open to new members, including both states and international organizations. Currently, the EDB has four member states – Armenia, Belarus, Kazakhstan, Russia, and Tajikistan. Its charter capital is over $1.5 million.-0-
Russian finance minister Igor Kudrin was the first to say that EuAsEC’s Anti-Crisis Fund could provide Armenia with a $400 million loan on June 4 after an ACF Board meeting in Kiev, Ukraine.
According to EUAsEC’s report, the Anti-Crisis Fund proceeded to studying and evaluating the details of an Armenian government’s plan designed to restructure some industries, based on the government-set priorities. The report said that ACF has hired independent industry consultants to examine Yerevan’s bid. They will have to develop recommendations for a decision on providing a financial credit to the government of Armenia. The final say belongs to ACF Board. The loan may be directed to the modernization of the Armenian Nairit plant, as well as to revitalize Armenia’s chemical industry.
Earlier Armenian minister of energy and natural resources, Armen Movsisyan, said the modernization of Nairit plant may cost up to $400-500 million.
The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, economic growth and the expansion of trade and other economic ties in its member states. The Bank is open to new members, including both states and international organizations. Currently, the EDB has four member states – Armenia, Belarus, Kazakhstan, Russia, and Tajikistan. Its charter capital is over $1.5 million.-0-
