Armenian government grants AMD 74bln subsidies to companies for equipment modernization

YEREVAN, April 6. /ARKA/. Over the past 7-8 months, the Armenian government has provided a long string of companies with about AMD 74bln drams worth subsidies to repay the interest on loans they had received to upgrade their equipment, Economy Minister Vahan Kerobyan told "Armenian Business without Borders: How to Enter the International Market?" forum.

Kerobyan noted that hundreds of companies have taken advantage of this government-designed subsidy program to upgrade their production lines and equipment last and this year.

Under the program, the government subsidizes a significant part of the interest on the loan. As a result, companies can get loans with an effective interest rate of 3 to 4 percent.

The government program of economy modernization and increasing competitiveness of business entities has three main directions: upgrade of equipment, attraction of highly qualified specialists from abroad and modernization of business processes. ($1 – 388.32 drams). --0--