YEREVAN. – An Artamet plant, which produces chokes for export in Armenia’s Noyemberyan city, did not receive the expected credit, head of the plant Gagik Abovyan told Armenian News-NEWS.am.

As a result of the rejection of the bank investments, another investing agreement is frozen with the National center for small and medium business development in Armenia (SME DNC), which has promised a guarantee of 70 to 80 percent of the credit in case the plant succeeds in receiving the bank credit.

The plant which produces chokes for export needs investments for expansion of machinery equipment.

“We had to fire a total of 34 employees for a while until we receive new orders,” the director told.