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Economy Minister calls on international banks for active cooperation

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  • Economy Minister calls on international banks for active cooperation

    Armenian economy minister calls on international banks for active cooperation

    Arminfo
    6 Jun 05

    YEREVAN

    International financial organizations are not so active in Armenia as
    in neighbouring Georgia and Azerbaijan, Armenian Minister of Finance
    and Economy Vardan Khachatryan told the Black Sea business forum,
    which took place after the 7th meeting of the Board of Governors of
    the Black Sea Trade and Development Bank in Yerevan today.

    Armenia is mainly working with such international financial
    institutions as the World Bank [WB] and the International Monetary
    Fund, which allocate loans under state guarantees, Khachatryan
    said. He described their cooperation with the Armenian government as
    successful and noted that the share of government loans in Armenia is
    even higher than in Georgia and Azerbaijan.

    He said that in the meantime, the Armenian government has created a
    favourable investment environment and expressed hope for an inflow of
    investments.

    The minister said that he expects the European Bank for Reconstruction
    and Development [EBRD] and the International Finance Corporation
    [IFC], which makes up the World Bank group, to step up their
    activities in Armenia. He noted that there are two unsuccessful cases
    of the Armenian government's cooperation with the EBRD, which concern
    credits for the thermal power station in Razdan and the construction
    of a cargo terminal at Zvartnots airport.

    Nevertheless, the minister noted some successful projects by the EBRD
    in the country's banking system and industry and welcomed the bank's
    direct investments in Armenian enterprises.

    The IFC allocated a small loan back in 2000 and Armenia has not been
    cooperating with this bank since then, the minister added.

    [Passage omitted: Khachatryan speaks of the need for investment in the
    South Caucasus]
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