Armenia paying Russia with enterprises

The co-chairmen of the Armenian-Russian intergovernmental Economic Cooperation Committee Serge Sarkisyan and Ilya Klebanov signed a Russian-Armenian intergovernmental agreement on passing Armenia's state property to Russia to pay off its debt in Yerevan.

"The agreement describes the procedure, which is to end this year in passing property acts. Russia will receive a list of properties, proposed by Armenia in order to pay the debt," Klebanov said. Most probably, it will be earlier mentioned enterprises - a heat power plant and three enterprises of the electronic industry.

"We have been discussing this issue for several months, assessing the enterprises. I would prefer to wait with conclusions. The agreement is expected to be ratified in September," the Minister stated.

"The enterprises which will be passed to Russia require big investments," Klebanov stressed.

Klebanov said also that the Russian business circles were interested in investing in some Armenian enterprises.

On Saturday Moscow will host a meeting of representatives for Russia's interested ministries and departments, Klebanov stated.

The total amount of Armenia's debt to Russia equals $98 million.