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EBRD Provides A $5.5 Mln Loan To "Elite Group"

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  • EBRD Provides A $5.5 Mln Loan To "Elite Group"

    EBRD PROVIDES A $5.5MLN LOAN TO "ELITE GROUP"

    AZG Armenian Daily
    02/07/2009

    Economy

    The European Bank for Reconstruction and Development (EBRD) provided
    Armenian developer "Elite Group" CJSC with a loan of $5.5mln and
    a grant of ~@130 thousands to encourage "Elite Group" company's
    innovations in the sphere of energy conservation.

    The loan agreement was signed by the Head of EBRD Yerevan Office
    Valeri Razlog and General Director of "Elite Group" Armen Mkoyan in
    Yerevan today.

    Armenian Prime Minister Tigran Sargsian stated that "Elite Group"
    is one of the best developers in the country, reminding that the
    government provided the company with state guarantees for completing
    the construction of started objects.

    The Prime Minister expressed hope that confidence of the government
    and international financial structures in developers will become a
    stimulus for investments in the construction sphere of Armenia by
    the private sector.

    EBRD Regional Director Paul-Henri Forestier noted that by this loan
    EBRD "assists not only the "Elite Group," but also the entire Armenian
    economy", Public Radio reports.

    From: Emil Lazarian | Ararat NewsPress
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