World Bank Business Development Loan Program Underway

YEREVAN (Noyan Tapan)–The Armenian Development Agency has established a Fund for Assistance to Enterprises within the framework of the World Bank’s credit program aimed at developing Armenian enterprises.

The fund will grant major loans to encourage the exports and imports. The loans will mostly be granted for implementing experimental programs such as organization of joint ventures and exhibition of products–reported head of the Foreign Financial Programs Management Center Bagrat Yengibarian.

The more than $11 million World Bank loan program assists the development of small and mid-sized business in the country. Thirteen sub-credit programs worth $2 million have already been implemented.

Armenian commercial banks Hayagrobank–Armimpexbank–Converse–Shirakinvest–Lend–and Gladzor have provided funding which they received at the LIBOR two percent annual interest rate. The banks offer loans at 15-21 percent interest rates. Yengibarian said additional banks have been considered.

Yengibarian reported that food production and publishing enterprises have been granted loans.

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