Wednesday, 1 July 2009
RA Prime Minister Tigran Sargsyan attended a signing ceremony for a medium-term loan agreement between the European Bank for Reconstruction and Development and Elite Group Company at the Armenian National Gallery Frescos Hall.
The agreement was signed by Elite Group Director Armen Mkoyan and EBRD Armenia Office Head Valeri Razlog.
As a leading developer in Armenia, Elite Group will get USD 5.5 million in loan and Euro 130.000 in grant resources to push ahead with its energy saving-oriented innovational policy.
In his address, the head of the Armenian government said, in particular: “This agreement is of top importance in a sense that it is the second time for the past few months Armenia has received a credit on the part of the European Bank for Reconstruction and Development. The latest loan to Armenia’s energy sector was unprecedented in volume, and today the Bank is providing a loan of USD 5.5 million to Armenia’s best developer. Recently the RA government decided to provide Elite Group with a State guarantee for borrowing needs.
As you may know, construction has experienced a sharp fall over the past five months, which seriously affected other sectors, too. The government of Armenia seeks to help domestic developers find extra resources so badly needed for recovery. On the one hand, government support is needed to ensure availability of borrowed funds and, on the other hand, the existing stock of confidence should be extended to the private sector so as it can further carry out investments.
This agreement is particular in that it has a grant component considering that Elite Group has been applying modern technologies, with the aforementioned component being pivotal in the loan package.
Please accept my compliments on the signing of the agreement. Also, I wish to thank our partners from London, EBRD Regional Director Paul Henri Forcetiery considering that this agreement will go a long way towards challenging the global crisis.”
