Economic modernization portfoplio 84.4% up by Oct 1, 2024 

ArmInfo. As of October 1 of this year, the portfolio of the program for modernization of the economy aimed at stimulating production amounted to 319 billion drams, which is 84.4% higher than the figure for the previous year. This was reported by the press service of the Ministry of Economy.

In particular, as of the reporting date, 5,909 contracts were  concluded, of which 67% were leasing transactions and 33%,  respectively, credit, 62% - dram and 38% - foreign currency. At the  same time, 82% of the portfolio is represented by financing of the  SME sector.

According to the source, the lion's share of the program's  beneficiaries comes from the manufacturing sector (43%), followed by  construction (23%), electricity, gas, steam and air conditioning  supply (11%), transportation and warehousing (8%), healthcare and  social security (7%), information and communications (4%), mining  (2%), etc.

Among the borrowers, the most active are economic entities from  Yerevan, which account for 64.8%, 11.4% - Kotayk region, 4.4% -  Ararat region and 4.1% - Gegharkunik region. In other regions of  Armenia, activity is low.

The economic modernization program was launched in early 2022. The  first component of the program involves reimbursement of financial  costs to companies, leasing, subsidizing interest on loans for the  modernization of fixed assets, including production lines. Within the  framework of the program, the state subsidizes 7% in drams in the  case of a loan agreement, 6% in foreign currency, in the case of  leasing agreements the subsidy in drams is 10%, in foreign currency -  8%.

The program can be used by economic entities in the following  sectors: agro-industrial complex, mining industry, construction,  telecommunications, professional, scientific and scientific-technical  activities, healthcare, etc.