Several Armenian Banks will receive technical support of about 1.5 million USD from the European Bank for Reconstruction and Development (EBRD) and the US International Development Office within the framework of the two-year agreement. The agreement was signed in Armenia by the US Ambassador to Armenia John Evans and the EBRD representative to Armenians Michael Weinstein.
EBRD has been working in Armenia for the last 2-3 years and has made an investment of 10 million Euros already. «As the economy of Armenia is developing rapidly, the Bank has decided to increase the volume of investments and reach 40 million USD», Michael Weinstein said.
He claimed that the aim will be reached by 2007. «Within the framework of the program EBRD will give its colleague banks the possibility to finance different micro, small and medium companies in different parts of Armenia».
By the way, the companies to be financed will be chosen by the banks themselves, and EBRD will follow the structure of the portfolio.
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