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Investment

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Armenia explores Russian loan system

The government of Armenia has provided $13.5 million from a Russian loan for financing the first stage of a program of the stabilization of the economy, Panorama.am reports, citing the government press-service. Premier Sarkisyan said that Armenia had developed clear conditions for a program aimed at stimulating export and tourism development. He said that the program was a success, and the economy grew by 8.8%. Which, he said, was the reasoning for the $13.5 million loan.

All aims will be achieved

All aims will be achieved

Khloponin: any republic of the Russian federation would envy Ingushetia's housing construction

Armenian minister of economy considers money transfer harmful

Armenian Minister of Economy Nerses Yeritsian noted in his speech at the conference on money transfer that transfers have positive and negative aspects. The positive aspect is that they help cope with poverty, the negative aspect is that they create obstacles for the economic activity of the population. Transfers to Armenia's GDP from abroad has reached 12-13%. But in terms of crisis it is an unstable money flow, news.am reports.

50 investment agreements concluded in Petersburg

Over 50 agreements were concluded in the framework of the Petersburg Economic Forum, amounting to about 15 billion euros, Arkadiy Dvorkovich, a presidential assistant said, reports RIA Novosti, the main information partner of the Forum.The merging of some companies is provided for in a number of agreements, such as the projects "North Stream" and "South stream", which now include "Gazprom" as well as some French energy companies.

Tkachev: Petersburg and Sochi forums supplement each other

The governor of the Krasnodar Krai, Aleksandr Tkachev  thinks that the International Economic Forum in Saint-Petersburg and the International Investment Forum in Sochi can both help stimulate the intensive economic development of Russia, Yuga.ru reports.The forum in Sochi will take place on September 16th-19th. All the participants of the Saint-Petersburg forum have been invited there as well.

International summit of Arab bank sector opened in Istanbul

Heads of Arab banks, holding $2 trillion dollars in reserve, met inIstanbul. The International summit of the Arab banking sector willdiscuss the opportunities for cooperation in the process of coming outof the crisis, TRT reports.

Investment business-forum to be held in Baku

Baku will hold an investment conference on the opportunities of business in Azerbaijan and the CIS countries on June 21-22, 1news.az reports, citing the Azerbaijani Ministry of Economic Development.The conference was organized within the framework of the 35th annual session of the board of directors of the Islamic Development Bank of the Islamic Corporation of Developing the Private Sector (ICD), the Azerbaijani Investment Company and the Azerbaijani Fund of Export Promotion and Investment (Azpromo).

Turkey expects investments from South Korea

A cooperation agreement between Turkey and South Korea was signedduring Turkish President Abdullah Gul's visit to South Korea, TRTreports.Gul was welcomed by South Korean President Lee Myung-bak at the 'BlueHouse' palace. They discussed economic and energy issues and signed 4agreements. Turkish Minister of Energy and Natural Resources TannerYildiz noted in his interview with TRT that the agreement he signedwith his South Korean counterpart will be finalised after the G20summit in Seoul.

US to invite investment in Georgian hydro-energy

USAID has started inviting investments in Georgian hydro-energy. Theproject was presented at the Courtyard Marriott hotel, Trend reports.Approximately $9 billion will be invested in the project. The projectis aiming at adding a renewable part of the energy system, namely anecologically clean 400 megawatt system. USAID said that the projectwill make Georgia energy-independent and it will sell energy to thegrowing Turkish and East European markets.

World Wine Congress to be opened in Georgia on June 22nd

The 33rd World Wine Congress will be held in Tbilisi from June 22nd-27th, Interfax reports. Over 200 delegations from various countries have applied to participate. The guests will visit different regions of the country, vineyards and wine production equipment exhibitions. A tasting contest of the best Georgian wines will be organized.

South Ossetian agriculture requires finances

Inal Pukhayev, the head of the administration of the Tskhinvali district of South Ossetia, says that the agricultural sector of the republic can be revived only with significant state support, IA "Res" reports. He says that the ten million rubles invested in the agriculture of the district by the state is useful for organizing farming, but is not enough.

European Commission to grant Georgia 37 million euros

The European Commission has approved the Georgian plan of actions for2010, and Tbilisi will receive 37 million euros, Georgia Onlinereports.According to the commission, the sum will be used for regionaldevelopment, the economic integration of Georgia into the EU, therealization of social protection programs and public financemanagement reforms.

Iran to build 20 power plants using private investors

The deputy director general of Iran's 'Tavanir' electric companyGolyam Reza Khoshkhalk declared that the construction of 20 powerplants has been handed to the private sector. He noted that Iran needsa surplus of 5 thousand megawatts annually, Iran News reports, citingIRIB News.Khoshkhalk noted that Iran has 24 million consumers of electricityusing 170 billion kilowatt per hour. The number of consumers rises by1.2 million annually.

Armenian-British businessmen chamber opened in Yerevan

The official opening ceremony of an Armenian-British businessmenchamber took place today. According to the chairman and founder of theArmenian-British union and member of the chamber's council, AykArutiunyan, they came up with the idea to open the chamber a year agoand it was realized in Yerevan. The chamber will boostArmenian-British economic and trade relations, as well asinternational investment programs in Armenia, he said, panarmenian.net

Iranian projects to be realized in Georgia

A meat processing plant will be built in Georgia using Iranian investments, the Georgian Minister of Agriculture Bakur Kvezereli said on a working visit to Iran, Business Georgia reports.He said that the sides are planning aiming at extending cooperation in agriculture and intensifying trade relations. In exchange for investments Iran expects lamb meat import.Iranian Minister of Agriculture Sadek Khaliliyan said that Iranian 75 million consumer market is open for Georgian products.

‘Mir’ pipeline construction contract signed off in Iran

The deputy minister of oil and Director-General of the IranianNational Gas Company, Javad Ouji, said that the Board of Directors ofthe Iranian National Oil Company have ratified the contract onconstruction of the 'Mir' pipeline to export Iranian gas to Pakistan,priced at $7 billion, Iran News reports.A high-ranking delegation from the Pakistani Ministry of Oil andNatural Resources will arrive in Tehran for the signing.

Cement plant construction planned in Ingushetia

A session devoted to the construction of a new cement plant has taken place today in Magas, Yuga.ru reports. The session was chaired by Yunus-Bek Yevkurov, the president of the republic.The main topic of the meeting with investors was elaboration of suggestions on the construction of the site. The sides agreed that specific investment plans would be put to the government in 30 days.

Georgian commercial bank assets to reach $5 billion

The total assets of Georgian commercial banks exceeded $4.8 billion on May 1st. According to Georgian National Banks it is $450 million more than last year’s indicator, Georgia Times reports.The total assets of the bank sector reached $873 million, or 17.8% of cumulative assets.Georgian commercial banks had a $5 million income in April and $13.7 million since the start of this year.