EBRD expects its commitments to reach approximately $150 million in Armenia by the end of 2009

25.11.2009 11:58
EBRD expects its commitments to reach approximately $150 million in Armenia by the end of 2009

YEREVAN, November 25, /ARKA/. European Bank for Reconstruction and Development (EBRD) Business Group Director Olivier Descamps said Tuesday in Yerevan EBRD’s financing of projects in Armenia next year may exceed $100 million.

He said the concrete amount will be depending on the demand and the projects to be submitted to the Bank’s consideration.

He said the Bank has not yet outlined its priorities for next year in Armenia, but is very likely to provide assistance to municipal projects, particularly, to help implement water purification and refuse collection and processing projects.

Olivier Descamps said the Bank is going to offer a new type of credits for small and medium-sized businesses dealing with energy production which will help raise the competitiveness of Armenian companies.

He said the EBRD plans also to expand its cooperation with Armenian banks for long-term strengthening of the sector.

‘The government is implementing serious programs to provide credits to small and medium-sized businesses. In 2010 the EBRD will shift its focus on this segment as well which will allow to form long-term resources and attract new banks for cooperation,’ Descamps said.

The EBRD expects its commitments to reach approximately $150 million by the end of 2009 from $75 million in 2008. To date the EBRD has invested over 335 million Euros across more than 70 projects in various sectors of the Armenian economy.  -0-


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