In year 2004 the European Bank for Reconstruction and Development will invest 10-12 million euros in the Armenian economy, EBRD President Jean Lemierre told journalists in Yerevan today. He noted that the major part of the investments will be directed to the purchase of a number of Armenian entities, the other funds will be rendered as credits. According to Mr. Lemierre, the EBRD is planning to invest about 20 million euros in Armenia in 2005. At the same time he noted that the special stress will be laid on the development of small and medium business, consolidation of the banking system and export stimulation.