YEREVAN (Noyan Tapan)–The US Agency of Trade and Development (ATD) issued a $250,000 grant to the National Union of Consumer Organizations (Hayco-op) for the rehabilitation of the sugar-processing industry in Armenia. In this connection–US Vice-Ambassador–ATD representative Patricia Moller and Head of Hayco-op Rafael Bagoyan signed a memorandum–on August 30–on mutual understanding. Attending the signing ceremony were also Minister of Finance and Economy of Armenia Levon Barkhudaryan and Minister of Industry and Trade Karen Chshmarityan.
According to Moller–the total cost of the investigation program is $454,000. It will be partly financed by "Schaffer & Associates" of Louisiana.. She said that the program realization will promote the economic cooperation between US and Armenia. One-year-long investigations will allow the estimate of possibilities for the recovery of the sugar-processing industry in Spitak and Giumri.
If the estimate is positive–100,000 tons of sugar are expected to be produced to satisfy the domestic deman’s. In the future–alongside with the production expansion–the Armenian sugar will be exported to the neighboring countries. It was also pointed out that "Schaffer and Associates" will find investors for financing the program.
Head of "Schaffer and Associates" Nigel Williams is convinced that even if the investigations show the inexpediency of recovery of sugar production in Armenia at the present moment–the program can be implemented on the same funds in 3-4 years.