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Armenia: Credit Agreement Signed With U.S. Exim Bank

Washington, 22 July 1997 (RFE/RL) - Armenia has signed an agreement with the U.S. Export-Import (Exim) Bank which lays the foundation for financing of American exports to Armenia.

The Project Incentive Agreement provides a framework for financing the purchase of U.S. exports, with the loans to be repaid with revenues generated by production from the enterprise buying the American goods or services.

The agreement was signed in Washington by Armenian Minister of Finance and Economy Armen Darbinian and the Chairman of Exim Bank James Harmon.

Harmon said the pact will help build a solid trade relationship between the two countries and facilitate financing for the sale of products to creditworthy projects.