It is planned to create a development bank for small and medium businesses in Armenia, Minister of Economy  Vahan Kerobyan said at the National Assembly during a joint meeting of standing parliamentary commissions during a preliminary discussion of the execution of the state budget for 2021 on June 1.

According to the minister, an EU expert delegation is visiting the republic these days. The format and policy of the future bank are discussed with her.

“The new project should operate in the format of a development bank. That is, it should focus not so much on profit from interest on loans, but on financing long-term programs for the development and establishment of a business,” Kerobyan explained.

The project itself, as noted by the representative of the Government, is part of the sectoral policy of the European Union to support Armenia. For the development of these industries, the European Union offers the republic a financial package in the amount of 2.6 billion euros. The funds will be provided not only in the form of grants, but also loans.