Armenia negotiating with EBRD, ADB to attract funds for creating free economic zone

Armenia negotiating with EBRD, ADB to attract funds for creating free economic zone
ARKA, 27.07.2009

Armenia is negotiating with European Bank for Reconstruction and Development and Asian Development Bank to attract funds for creating a free economic zone near Zvartnots Airport, Armenian Economy Minister Nerses Nersisyan said Friday at a press conference.

The Government plans to put the free-zone business project into reality later this year. The project is estimated to cost $200 to $250 million. The initial stage will cost $50 million.

Nersisyan said that the construction of a logistic center and the free trade zone for trade in fresh fruits and vegetables as well as jewelry will be implemented in several stages.

“Negotiations are being held now with European and Asian development banks on attraction of credits and possible partnership in the project”, Yeritsyan said.

The minister said that the logistic center would engage in transportation of products from fields to the airport and then to other countries.

The creation of the free economic zone near the Armenian airport will spur Armenian economy, give domestic manufacturers a chance to enter new markets and simplify Armenian export. -0--