Kerobyan: It's a "golden era" for developers in Armenia

Armenian Economy Minister Vahan Kerobyan told a government session today that "now is the golden era for construction companies to get loans for upgrading their equipment because of increasing development projects both in the private and public sectors.

YEREVAN, August 11. /ARKA/. Armenian Economy Minister Vahan Kerobyan told a government session today that "now is the golden era for construction companies to get loans for upgrading their equipment because of increasing development projects both in the private and public sectors.

He said new loans will not become a burden for companies because of the government subsidies. He recalled that on August 4 the Armenian government expanded the list of economic sectors that can benefit from a government-designed program to subsidize the lease of machinery and equipment embracing also mining, communications, construction, transportation, warehousing, professional, scientific and technical activities, as well as health and public services in addition to agriculture and processing industry.

Business entities are offered subsidies for loans and leasing of equipment worth up to 10 billion drams. The government subsidies period is up to 72 months (6 years) for amounts up to AMD 200 million and 48 months (4 years) for amounts over AMD 200 million.

The repayment period for both amounts is 10 years.The acquisition of devices, equipment and components is subsidized at 7% in case of loans, 10% in case of leasing in AMD, and 6% and 8% for loans and leasing in foreign currency respectively. -0-