The Armenian Finance Ministry denied reports it had received a $400 million loan for modernization of the Nairit Company, News.am reports.
Izvestia published an article on the Russian Finances Ministry providing the sum from the EurAsEC anti-crisis fund. The report caused a major stir-up in Armenia.
Nairit produces chloroprene rubber. It is the only manufacturer of the product in the CIS. The company was closed with a debt of 25 billion drams and credit obligations worth 41.5 billion drams in 2010. The factory needs about $512 million for operation.
The Eurasian Development Bank was requested to provide $300 million for Nairit. A delegation from the bank visited the company in late July. The next visit was scheduled for late August. The Armenian Energy Ministry and the Nairit Company have not made any comments.
