Germany will allocate EUR 5mln. to Armenia for crediting small and medium-sized businesses. According to Karapet Gevorkian, a representative of the German KfW bank in Armenia, a joint Armenian-German government meeting devoted to this credit will be held in April 2003. Due to the time-consuming preparation of necessary documents, the signing of the corresponding agreement and its approval in the Armenian parliament, Armenia will begin to spend the credit only at the end of 2003, the Arminfo agency reported.
The German government has already allocated EUR 12mln for
crediting small and medium-sized businesses in Armenia. These credits were granted
for up to two years at the 18 to 22 percent annual rates. The KfW portfolio
in Armenia consists of EUR 100mln, allocated mainly to the energy, water resources
and banking sectors.