YEREVAN. – Cooperation between Raiffeisen Bank and Armenia may continue through loans granted by the export-credit agency, the Raiffeisen Bank International representative told Armenian News-NEWS.am.

The South Caucasus market is not large but is developing. Hence, theoretically it is possible to ponder on loans and grants for such states as Armenia. Another direction of possible cooperation is loans developed on favorable terms. As a result, one of the projects discussed for a long time, arrived for an agreement recently, Raiffeisen Bank will grant Armenian Ministry of Finance with loans amounting to 5 million euro to renovate the State Opera and Ballet House in Yerevan.

It will be implemented by the Austrian Waagner-Biro Austria Stage Systems and local companies and will be over next year.