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THE RESULTS OF THE PAST YEAR SUMMED UP BY THE DIRECTOR OF THE FUND.
http://karabakh-open.info/en/societyen/3555-en873
Monday, 04 March 2013 17:01
During his February 27 press conference Executive Director of the
Artsakh Investment Fund Artak Mirzoyan summed up the activity of the
fund in 2012.
In 2012 the Artsakh Investment fund worked in two directions promoting
the development of minor and middle businesses in the NKR and financing
the improvement of the citizens' housing conditions.
The fund subsidized the interest rates of the loans allocated to minor
and middle business entities. In 2012 98 additional minor and middle
enterprises were created, the banks appropriated loans at a total
amount of 2 mlrd drams, the fund provided an amount of AMD 656.4 mln
to partially subsidize the annual interest rates of the loans.
The loans provided to different spheres of activity were distributed
in the following way: 41.4% to the sphere of industry, 6 % to
constructional engineering, 19.4 & to trade and 33.2 % to public
services.
Only 42 % of the state financial assistance was directed to the
promotion of the activities of minor and middle business entities in
the NKR regions, the greater part of this sum remained in Stepanakert.
Explaining the fact that credits were also provided to trade companies,
Artak Mirzoyan said that this fact was recorded by the Control Palace
as well. The Executive Director of the fund noted that by law in
Stepanakert only the programmes containing innovatory ideas must be
financially assisted. But they got no programme of this kind as people
mainly apply for commercial credits. To support these people the fund,
making use of the investment fund director's rights, granted them
guarantees which was regarded as a violation of law by the Control
Palace. Taking into account the great demand of work in the spheres
of trade and public services Executive Director of the fund Artak
Mirzoyan does not exclude further changes in the corresponding decree
of the government.
According to Artak Mirzoyan the number of minor and middle enterprises
which got financial assistance in the years of 2008-2011 increased
at a slow rate. In 2012 the business activity as well as the number
of minor and middle enterprises reduced by about 15 %, the amount
of loans granted to them by 43 % and the main reason for this is the
lack of the Armenian currency credits.
From: A. Papazian
http://karabakh-open.info/en/societyen/3555-en873
Monday, 04 March 2013 17:01
During his February 27 press conference Executive Director of the
Artsakh Investment Fund Artak Mirzoyan summed up the activity of the
fund in 2012.
In 2012 the Artsakh Investment fund worked in two directions promoting
the development of minor and middle businesses in the NKR and financing
the improvement of the citizens' housing conditions.
The fund subsidized the interest rates of the loans allocated to minor
and middle business entities. In 2012 98 additional minor and middle
enterprises were created, the banks appropriated loans at a total
amount of 2 mlrd drams, the fund provided an amount of AMD 656.4 mln
to partially subsidize the annual interest rates of the loans.
The loans provided to different spheres of activity were distributed
in the following way: 41.4% to the sphere of industry, 6 % to
constructional engineering, 19.4 & to trade and 33.2 % to public
services.
Only 42 % of the state financial assistance was directed to the
promotion of the activities of minor and middle business entities in
the NKR regions, the greater part of this sum remained in Stepanakert.
Explaining the fact that credits were also provided to trade companies,
Artak Mirzoyan said that this fact was recorded by the Control Palace
as well. The Executive Director of the fund noted that by law in
Stepanakert only the programmes containing innovatory ideas must be
financially assisted. But they got no programme of this kind as people
mainly apply for commercial credits. To support these people the fund,
making use of the investment fund director's rights, granted them
guarantees which was regarded as a violation of law by the Control
Palace. Taking into account the great demand of work in the spheres
of trade and public services Executive Director of the fund Artak
Mirzoyan does not exclude further changes in the corresponding decree
of the government.
According to Artak Mirzoyan the number of minor and middle enterprises
which got financial assistance in the years of 2008-2011 increased
at a slow rate. In 2012 the business activity as well as the number
of minor and middle enterprises reduced by about 15 %, the amount
of loans granted to them by 43 % and the main reason for this is the
lack of the Armenian currency credits.
From: A. Papazian