Armenia to apply for additional $100 loan from Russia

Armenia’s Prime Minister Tigran Sarkisian said at today’s press conference the government had applied to Russia for a $100 million loan for diamond cutting industry.

So, in case of successful negotiations with Russian government and Russian Alrosa Company, the loan will be directed to improvement of the diamond cutting industry, in particular, for creating the necessary conditions and modern equipment in this sphere, supplying with Russian raw materials, and some other activities.

Mainly, burden will fall on private sector, according to Prime Minister. “We do not plan any other loan from Russia,” he said.

Referring to a 185 billion drams loan from Russia, Prime Minister said 45 billion drams were directed to construction works in damaged zones of the Spitak Earthquake, an AMD 90 billion loan is directed for small and medium business, and some 54 billion drams are deposited at the Armenian Central Bank’s stabilization fund.