YEREVAN, February 6 (Noyan Tapan). The German Foundation program boosting small and medium business is believed to be among the most successful programs undertaken by KfW that secured a 12.3m euro investment in the Armenian economy, the spokesperson for the KfW Yerevan office Karapet Gevorgian stated in an interview with Noyan Tapan. According to him, Four Armenian banks: ACBA, Armeconombank, Anelik and Converse are involved in the program. The banks are selected on a competitive basis set by KfW and the RA Central Bank. The largest amount assigned is 65m euros while credit repayability reaches 99%. As many as 2,500 jobs were created under the program. KfW will provide four large hospitals of the republic with modern medical equipment worth 2.6 million euros. The German state-owned KfW bank is the third largest investor of Armenia, trailing only the World Bank and the US Agency for International Development. KfW invested 100m euros during the seven years of its activities, 2003 inclusive.
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