25th Anti-Crisis Program Approved

The Government of Armenia has approved the 25th measure aimed at neutralizing the economic effects of the coronavirus, targeting support for transport companies serving the tourism sector.

These transport companies will receive support through compensation of 75% of unpaid interest payments starting from April 1, 2020. This assistance will facilitate their compliance with credit obligations, ensuring the continuity of their operations and protecting the assets pledged against loans obtained for development purposes.

The beneficiaries of the measure, developed by the Ministry of Economy of Armenia, include those economic operators in the transport sector classified under N49.3, H49.42, and N79 who are not classified as micro-entrepreneurs, provided they:

• were established prior to January 1, 2019;
• have not submitted an application to benefit from the 23rd measure aimed at neutralizing the economic effects of the coronavirus;
• generated at least 50% of their sales turnover in 2019 from cashless payments from the following clients:
• tourist agencies and operators providing booking and other tourism services;
• operators conducting event organization;
• citizens and organizations making payments from foreign bank accounts.

Additionally, they must have a good credit history, meaning they had no overdue credit obligations for 30 days or more during 2019, according to the information from the Credit Bureau.

The applicants must present written confirmation from the bank or credit organization that the loan was granted before March 31, 2020, inclusive, for the purpose of acquiring a transport vehicle. Furthermore, they must provide written confirmation from the bank or credit organization, stating that if recognized as a beneficiary of the support, the repayment of the principal amount of the loan will be deferred until at least April 2021.

Compensation will be provided until the end of March 2021.