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EBRD TO DOUBLE ITS INVESTMENTS IN ARMENIA
Armenpress
Dec 12 2006
YEREVAN, DECEMBER 12, ARMENPRESS: The European Bank for Reconstruction
and Development (EBRD) has pledged to double the amount of its
investments in Armenia.
Michael Weinstein, head of the EBRD Armenia Office, said told reporters
today that EBRD's current investment portfolio in Armenia made 60
million euros.
He said this figure is expected to grow to 120 million euros by the
end of 2008.
EBRD provides credits for development of agriculture, small and
medium-sized businesses, health and other sector. In a latest report
EBRD praised Armenia for continued economic growth saying, however,
it was largely due to the increased foreign investment, a high inflow
of remittances, strong private consumption and an increase in exports.
It said construction, services and investments driven by remittances
and bilateral grants will help to maintain Armenia's economic
momentum in the short term, but warned that a combination of continued
currency appreciation and high energy prices that led to strengthened
inflationary pressures pose a significant risk in the medium term.
Armenpress
Dec 12 2006
YEREVAN, DECEMBER 12, ARMENPRESS: The European Bank for Reconstruction
and Development (EBRD) has pledged to double the amount of its
investments in Armenia.
Michael Weinstein, head of the EBRD Armenia Office, said told reporters
today that EBRD's current investment portfolio in Armenia made 60
million euros.
He said this figure is expected to grow to 120 million euros by the
end of 2008.
EBRD provides credits for development of agriculture, small and
medium-sized businesses, health and other sector. In a latest report
EBRD praised Armenia for continued economic growth saying, however,
it was largely due to the increased foreign investment, a high inflow
of remittances, strong private consumption and an increase in exports.
It said construction, services and investments driven by remittances
and bilateral grants will help to maintain Armenia's economic
momentum in the short term, but warned that a combination of continued
currency appreciation and high energy prices that led to strengthened
inflationary pressures pose a significant risk in the medium term.