Syrian-Armenia businessmen are asking the Armenian government to help freeze the principal of the loans that have been provided to them under special conditions; otherwise, they will have to terminate their activities. This is what several Syrian-Armenian businessmen said during a March 23 press conference, as “Armenpress” reports.

The government had set privileges for Syrian-Armenians through a special program, providing them with special conditions to start their businesses. “I moved to Yerevan a year ago, and I’m very thankful to the people and the government for their support. However, due to the devaluation of the Armenian Dram in late 2014, most of us Syrian-Armenian businessmen are now in extreme conditions. That’s why we’re asking the government to freeze the principal of the AMD 5 million loan for at least six months so that we can pay off the interest rates,” said Syrian-Armenian businessman Hrach Bal Manoukian.

After moving to Armenia, Bal Manoukian set up a textile factory. According to him, Syrian-Armenians are not the only ones who are in this condition due to the devaluation of the Armenian Dram. However, Bal Manoukian called attention to the fact that they lack social relations, which makes it harder for their businesses to grow. Jeweler Rafi Khzhbjian noted that there are now many Syrian-Armenian businessmen in Armenia who will have to close their businesses down and look for another job since they won’t be able to pay off their loans.

There are people who have closed their businesses down and have found other jobs. I’ll also have to close my businesses down. We came here from Syria, leaving behind our properties and social contacts. We’re not only asking for financial assistance, but also cooperation,” said businessman Michael Garabed. He said he had been living in Armenia for three years and had tried to start three different businesses in the service sector, but now he has found himself in a situation where he will have to close them down, one after another. The businessman added that there are Syrian-Armenian businessmen who are now on the “black lists” of banks and the government for not fulfilling their obligations on time.

In 2013, the Government of the Republic of Armenia allocated AMD 100 million to Syrian-Armenian businessmen to encourage them to start their businesses in Armenia. Each businessman was allocated an up to AMD 5 million loan under special conditions with a grace period of up to 5 years and at a 4 percent interest rate.