OPIC to Expand Its Activities in Armenia

YEREVAN (Noyan Tapan)–There are no restrictions to paymen’s–current accounts and movement of capital in Armenia–President of the Armenian Central Bank Tigran Sargssian said at his meeting with US Ambassador to Armenia Michael Lemmon–Director of the OPIC Caspian Financial Center P. Bolenger and Senior Investment Advisor J. Gordon October 18. The meeting participants stressed the importance of Armenia’s cooperation with the American EXIM bank and the US Trade Development Agency. The Central Bank president expressed optimism that OPIC will expand its activities in Armenia. It should be pointed that OPIC recently allocated an $18 million credit for the modernization of Hotel Armenia.

Sargssian also met with representative of the World Bank Department for Development and Financial Sector of Central Asia and Europe–M. Sloy–who is head of the working group engaged in estimating the vulnerability of Armenia’s financial sector. The sides discussed problems of capitalization–interest rates reduction–non-paymen’s–crediting of economic agents in Armenia as well as problems of a shadow economy.

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