The 25th Anti-Crisis Program Approved: Areas of Support Revealed

The Government of Armenia has approved the 25th measure aimed at neutralizing the economic consequences of the coronavirus, which focuses on supporting transport companies servicing the tourism sector.

Under this measure, specified transport companies will receive support through a compensation of 75% of unpaid interest starting from April 1, 2020. This assistance will aid them in fulfilling their credit obligations, ensuring the continuity of their operations, and protecting the assets pledged against loans obtained for development purposes.

The measure, developed by the Ministry of Economy, targets economic operators classified under codes H49.3, H49.42, and N79 who are not categorized as micro-entrepreneurs and have been established before January 1, 2019. Eligible operators include those who have not submitted an application to benefit from the 23rd measure, have generated at least 50% of their turnover in 2019 from cashless payments from the following clients: tourism agencies and operators, reservation service providers, entities providing other tourism-related services, businesses arranging accommodations, citizens making payments from foreign bank accounts, or organizations.

Essential criteria include maintaining a good credit history, meaning that according to AKRA information, they did not have overdue credit obligations for 30 days or more during 2019, as well as presenting a written confirmation from a bank or credit organization that the loan was granted prior to March 31, 2020, for the purpose of acquiring transportation vehicles. They must also provide written confirmation from a bank or credit organization stating that if recognized as an eligible recipient for support, the repayments of the principal amount of the loan will be postponed at least until April 2021.

Compensation is available until the end of March 2021. Entrepreneurs can familiarize themselves with the necessary documents and fill out the application by visiting the Ministry of Economy's website at the following link: mineconomy.am/page/1699.