During the January 13 sitting, the Armenian government approved an AMD 150mln program of state assistance to small and medium enterprises (SME) for 2011.

Armenian Minister of Economy Tigran Davtyan noted that the share of SME makes 40% in GDP and major part in export. And though the funds are limited, the required volume of works will be implemented, as the field is among the most important ones in the country’s economy, the Minister said.

Davtyan added that assistance to SME will be implemented in several directions, while provision of direct financial and investment assistance to SME will become the basic direction.

“2011 will be an exceptional year for SME development, as loan interest rates decreased by 2-3%,” said Armenian Prime Minister Tigran Sargsyan. According to him, the volumes of credit funds have considerably increased. Moreover, banks are looking for enterprises, which are ready to take loans.

“It is an exceptional opportunity for increasing the creditability of SME,” concluded Sargsyan.