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YEREVAN. – Swiss Armenian businessman and philanthropist Vartan Sirmakes will fund a project that will provide low interest rate loans to the businessman of Shirak region, Prime Minister Hovik Abrahamyan said during his visit to Gyumri on Saturday.

“I think this will contribute to economic development and increase in jobs in Shirak region,” Abrahamyan said, adding the 5% loans will be provided for seven years.

The Swiss businessman has invested $10 million into the project, while the Armenian government participated with 20 percent of funding. The total budget of the company is $12 million.

 

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