Government of Armenia approves $500,000 in credit guarantees to Norashen construction company

19.11.2009 18:24
Government of Armenia approves $500,000 in credit guarantees to Norashen construction company

YEREVAN, November 19, /ARKA/. As part of its anti-crisis plan the government of Armenia has approved today $500,000 in credit guarantees to a construction company Norashen.

Finance minister Tigran Davtian said at today’s government session that the credit guarantee will allow the company to attract credit resources from Armenian Prometey bank to complete construction of a high-rise residential building in Yerevan. He said the government guarantee is given against the company’s pledge of the building and its right to the land plot.

The minister said the budget guarantee is expected to step up the construction sector.

The government of Armenia established a special task force to handle its anti-crisis program. As part of that it has already approved budget guarantees of 20 billion Drams (%54 million) to a set of construction companies to complete their unfinished development projects.  -0-


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