Give 100,000 to Get 500 Million Investments

The total amount of the projects the Eurasian Development Bank plans to implement in Armenia makes about $500 million, the bank's Board Chairperson Igor Finogenov said at an interview with the Russian RBK daily.

According to Finogenov those resources will be used for the development of small and medium businesses, but the priority sectors for the bank are energy and transportation infrastructure.

At the same time he recalled that memorandums on cooperation were signed in Yerevan among ArmRosGazprom, International Energy Corporation and South-Caucasus Railway.

Finogenov also recalled that the Eurasian Development Bank provided the Armenian Haybusinessbank with $20 million in credit with a five-year return term.

Eurasian Development Bank's statutory fund is $1.5 billion. Russia's shares make up $1 billion while Kazakhstan has $500 million participation. Armenia's and Tajikistan's shares make correspondingly $100,000 and $500,100.