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Armenia Negotiating With EBRD, ADB To Attract Funds For Creating Fre

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  • Armenia Negotiating With EBRD, ADB To Attract Funds For Creating Fre

    ARMENIA NEGOTIATING WITH EBRD, ADB TO ATTRACT FUNDS FOR CREATING FREE ECONOMIC ZONE

    /ARKA/
    July 27, 2009
    YEREVAN

    YEREVAN, June 27. /ARKA/. Armenia is negotiating with European
    Bank for Reconstruction and Development and Asian Development Bank
    to attract funds for creating a free economic zone near Zvartnots
    Airport, Armenian Economy Minister Nerses Nersisyan said Friday at
    a press conference.

    The Government plans to put the free-zone business project into
    reality later this year.

    The project is estimated to cost $200 to $250 million. The initial
    stage will cost $50 million.

    Nersisyan said that the construction of a logistic center and the
    free trade zone for trade in fresh fruits and vegetables as well as
    jewelry will be implemented in several stages.

    "Negotiations are being held now with European and Asian development
    banks on attraction of credits and possible partnership in the
    project", Yeritsyan said.

    He also aid that Armenian Government asked the Dutch leadership to
    sent relevant experts to Armenia.

    The International Union of Armenian Jewelers expressed willingness
    to take financial part of the project.

    The minister said that the logistic center would engage in
    transportation of products from fields to the airport and then to
    other countries.

    Yeritsyan said that the project is likely to be expanded in the future.

    In his words, elaboration of the business plan will be completed by
    the end of thi s year, and after that it will be possible to embark
    on attracting funds.

    The creation of the free economic zone near the Armenian airport will
    spur Armenian economy, give domestic manufacturers a chance to enter
    new markets and simplify Armenian export.
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