ArmInfo. The portfolio of the economic modernization program aimed at stimulating production has reached $1.3-1.4 billion. This was stated by Armenian Economy Minister Gevorg Papoyan at a cabinet meeting on January 23.
"Thanks to this, our productivity has grown by more than 40%," Papoyan said.
By maintaining the current pace, the head of the Ministry of Economy noted, the authorities will reach the goal outlined in the government program for 2021-2026. "We are already on the verge of ensuring productivity of $11, while our goal is $12 per hour of work. Meanwhile, a few years ago, the figure was about $6," he said.
The economic modernization program was launched in early 2022. The first component of the program involves reimbursing companies for financial costs, 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 business entities in the following sectors: agro- industrial complex, mining industry, construction, telecommunications, professional, scientific and scientific-technical activities, healthcare, etc.
