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Prime Minister Tigran Sargsyan visited Oval Plastic Company, which produces plastic containers. Accompanied by Minister of Economy Vahram Avetisyan and company executives, the head of government was shown round the production shops and briefed on the Company’s further programs, the government’s press service reported. 

Set up under a government decree, the SME Investment UCO has already extended AMD 140m in credit, with AMD 60m due to be provided in the near future.

AMD 60m was used to repay the existing loan liabilities, with the balance of 80 million spent on capital investments, including the purchase of modern equipment and the replenishment of working capital. With the expected loan of AMD 60m, the Company will get modern equipment.

The newly introduced technology will enable the company to reduce the operating costs, create new jobs, expand the range of products, withstand competition both in domestic and foreign markets, as well as make additional savings for development purposes.

Oval Plastic currently has a 169-member staff to be expanded upon completion of the aforementioned programs.

The output is widely used in the food industry, medicine and pharmaceuticals, as well as in everyday life. Oval Plastic’s products are exported to Georgia; efforts are underway to export them to the Russian Federation.

Aimed at boosting domestic small and medium-size enterprise, the SME Investments Universal Credit Organization CJSC was established under Government Decree N717-A of June 26, 2009 as part of the government’s post-crisis stabilization-oriented borrowing program.

The UCO’s mission is to promote small and medium-size enterprise in Armenia. The company started operating as early as in August 2009. SME Investments Universal Credit Organization CJSC provides entrepreneurial / business / credits.