18:00, 23 January 2010

Armenia asks Russian loan to boost diamond processing

Armenian authorities hope to receive a USD 120-million credit from Russia for developments in the sphere of diamond processing. This was stated by Tigran Davtyan, local Minister of Finance.

"Now, negotiations about the facility are underway. Some time ago, the branch of diamond processing was a sort of a locomotive for Armenia's economy; however, then it was in decline and is now restored," he said.

Today, the Russian annual investment into economy of Armenia makes over USD 2.5 billion. In 2-3 years to come, it will go up to 5 billion.

According to Mr Davtyan, who discussed the facility terms during his visit to Moscow on January 20, the borrowed funds will be spent, in particular, for buying diamond raw materials from the ALROSA Russian Company, the "News-Armenia" reports.

The "Gazeta.Ru" writes with reference to Konstantin Vyshkovskiy, director of the department of state debt and state financial assets of the Russian Ministry of Finance, that Russia will consider, within "reasonable time", the Armenia's application for the 120-million credit on development of its diamond processing facilities.