YEREVAN (Azg/Snark)–Kirk Kerkorian’s $100 million Armenian Entrepreneurship Fund designed to assist economic development in Armenia will be put to use at the end of February-beginning of March–reported Minister of Industry and Trade Gagik Yeghiazarian.
Yeghiazarian added that the loans will be provided through the German Commerce Bank–which was selected through an open competition. He stressed that the Commerce Bank has planned to create a special investment fund in Armenia instead of working through commercial banks.
In the first stage–business projects proposed by Armenian companies will be considered. The first set of loans will be provided in 1998.
Yeghiazarian said that the interest rates for the loans have not yet been defined–but will vary in the range from to 5-9 percent annually–for loans up to $1 million.