Tweet
EUASEC ANTI-CRISIS FUND BEGINS CONSIDERING RELEASE OF $400 MILLION LOAN TO ARMENIA
/ARKA/
JUNE 10, 2011
YEREVAN
YEREVAN, June 10. / ARKA /. The Eurasian Economic Community's (EuAsEC)
Anti-Crisis Fund (ACF) has begun considering release of a $400 million
loan to Armenia, EuAsEC press service told ARKA.
Russian finance minister Igor Kudrin was the first to say that EuAsEC's
Anti-Crisis Fund could provide Armenia with a $400 million loan on
June 4 after an ACF Board meeting in Kiev, Ukraine.
According to EUAsEC's report, the Anti-Crisis Fund proceeded to
studying and evaluating the details of an Armenian government's plan
designed to restructure some industries, based on the government-set
priorities. The report said that ACF has hired independent industry
consultants to examine Yerevan's bid. They will have to develop
recommendations for a decision on providing a financial credit to the
government of Armenia. The final say belongs to ACF Board. The loan
may be directed to the modernization of the Armenian Nairit plant,
as well as to revitalize Armenia's chemical industry.
Earlier Armenian minister of energy and natural resources, Armen
Movsisyan, said the modernization of Nairit plant may cost up to
$400-500 million.
The Eurasian Development Bank (EDB) is an international financial
institution founded by Russia and Kazakhstan in January 2006 with the
mission to facilitate the development of market economies, economic
growth and the expansion of trade and other economic ties in its
member states. The Bank is open to new members, including both states
and international organizations. Currently, the EDB has four member
states - Armenia, Belarus, Kazakhstan, Russia, and Tajikistan. Its
charter capital is over $1.5 million.
From: A. Papazian
/ARKA/
JUNE 10, 2011
YEREVAN
YEREVAN, June 10. / ARKA /. The Eurasian Economic Community's (EuAsEC)
Anti-Crisis Fund (ACF) has begun considering release of a $400 million
loan to Armenia, EuAsEC press service told ARKA.
Russian finance minister Igor Kudrin was the first to say that EuAsEC's
Anti-Crisis Fund could provide Armenia with a $400 million loan on
June 4 after an ACF Board meeting in Kiev, Ukraine.
According to EUAsEC's report, the Anti-Crisis Fund proceeded to
studying and evaluating the details of an Armenian government's plan
designed to restructure some industries, based on the government-set
priorities. The report said that ACF has hired independent industry
consultants to examine Yerevan's bid. They will have to develop
recommendations for a decision on providing a financial credit to the
government of Armenia. The final say belongs to ACF Board. The loan
may be directed to the modernization of the Armenian Nairit plant,
as well as to revitalize Armenia's chemical industry.
Earlier Armenian minister of energy and natural resources, Armen
Movsisyan, said the modernization of Nairit plant may cost up to
$400-500 million.
The Eurasian Development Bank (EDB) is an international financial
institution founded by Russia and Kazakhstan in January 2006 with the
mission to facilitate the development of market economies, economic
growth and the expansion of trade and other economic ties in its
member states. The Bank is open to new members, including both states
and international organizations. Currently, the EDB has four member
states - Armenia, Belarus, Kazakhstan, Russia, and Tajikistan. Its
charter capital is over $1.5 million.
From: A. Papazian