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IFC, EBRD PROVIDE $9MLN LOAN TO ELITE GROUP
PanARMENIAN.Net
July 9, 2010 - 16:15 AMT 11:15 GMT
IFC, a member of the World Bank Group, is joining forces with the
European Bank for Reconstruction and Development to facilitate
development of business infrastructure and create employment in
Armenia by supporting construction of Elite Plaza, the first high-class
multipurpose office building in Yerevan.
IFC and EBRD will provide loans of $5.4 million and $3.6 million,
respectively, to Elite Group, a leading property development company
with operations in Armenia and Georgia, to build an 18-store building
that will accommodate office, retail, conference, and exhibition areas
to meet the growing demand for high-quality office space in Armenia.
In addition to long-term financing, which is not currently available
in the market, IFC will provide Elite Group with sector expertise and
know-how to help the company develop and operate its first office
building project applying international safety and environmental
standards, thus setting a market benchmark for other local developers.
"IFC's investment will help support real estate and construction
which form an important part of Armenia's economy and employment,"
said Thomas Lubeck, IFC Regional Head, Caucasus. "We are delighted to
partner with Elite Group to create the business center of international
standards."
The investment is a part of the two institutions' regional strategy
to support development of infrastructure in emerging markets.
"This project is EBRD's second investment with the Elite Group, a
company that is committed to implementing advanced technologies in
its work," said Alexander Babayan, the EBRD Banker at the Yerevan
Resident Office.
"The new business center will set a precedent for high-quality
standards in Armenia's construction industry and will attract local
and international clients."
IFC has been investing in Armenia since 2000 to support financial
institutions, small retailers, and the hotel industry, among others.
It also has implemented advisory projects to strengthen the financial
sector, establish a sustainable market for energy efficiency and
renewable energy investments, and improve the country's business
environment.
From: A. Papazian
PanARMENIAN.Net
July 9, 2010 - 16:15 AMT 11:15 GMT
IFC, a member of the World Bank Group, is joining forces with the
European Bank for Reconstruction and Development to facilitate
development of business infrastructure and create employment in
Armenia by supporting construction of Elite Plaza, the first high-class
multipurpose office building in Yerevan.
IFC and EBRD will provide loans of $5.4 million and $3.6 million,
respectively, to Elite Group, a leading property development company
with operations in Armenia and Georgia, to build an 18-store building
that will accommodate office, retail, conference, and exhibition areas
to meet the growing demand for high-quality office space in Armenia.
In addition to long-term financing, which is not currently available
in the market, IFC will provide Elite Group with sector expertise and
know-how to help the company develop and operate its first office
building project applying international safety and environmental
standards, thus setting a market benchmark for other local developers.
"IFC's investment will help support real estate and construction
which form an important part of Armenia's economy and employment,"
said Thomas Lubeck, IFC Regional Head, Caucasus. "We are delighted to
partner with Elite Group to create the business center of international
standards."
The investment is a part of the two institutions' regional strategy
to support development of infrastructure in emerging markets.
"This project is EBRD's second investment with the Elite Group, a
company that is committed to implementing advanced technologies in
its work," said Alexander Babayan, the EBRD Banker at the Yerevan
Resident Office.
"The new business center will set a precedent for high-quality
standards in Armenia's construction industry and will attract local
and international clients."
IFC has been investing in Armenia since 2000 to support financial
institutions, small retailers, and the hotel industry, among others.
It also has implemented advisory projects to strengthen the financial
sector, establish a sustainable market for energy efficiency and
renewable energy investments, and improve the country's business
environment.
From: A. Papazian