YEREVAN. - The Armenian government decided to distribute about $160 million, part of $500 million credit received from Russia, with assistance of Central Bank of Armenia (CBA).

For this purpose a total of AMD 60.5 billion was allocated in addition to AMD 6 billion in 2010.

Distribution of CBA funds is carried out with assistance of German-Armenian Fund which is involved in refinancing credits provided to commercial banks. The banks will receive resources at 8.25% interest rate – CBA refinancing rate. Credits are granted to business entities at 10-15% interest rate, while commercial bank will decide percentage or terms of the credit.

According to information provided by the CBA, AMD 36.9 billion was allocated to crediting of small and medium-sized business, AMD 5.4 billion to mortgage market, AMD 16.5 billion to stimulate the exports, and AMD 16.8 billion to organization of storage and processing.