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EBRD Develops Capital Markets In Armenia

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  • EBRD Develops Capital Markets In Armenia

    EBRD DEVELOPS CAPITAL MARKETS IN ARMENIA

    Economic News (Information Agency Oreanda), Russia
    February 10, 2014 Monday

    Tsakhkadzor. OREANDA-NEWS . February 10, 2014. The development of
    Armenian capital markets was the focus of a conference that took
    place in the Marriott Hotel in Tsakhkadzor, Armenia.

    The conference was jointly organised by the European Bank for
    Reconstruction and Development (EBRD) and NASDAQ OMX Armenia, with
    support from the Central Bank of Armenia. The event brought together
    over 100 participants from private companies, as well as government
    officials and other stakeholders, to discuss the challenges and
    opportunities associated with building robust capital markets in
    Armenia.

    Top managers attended from local banks, potential issuers of corporate
    bonds, Armenian and regional central banks, stock exchanges,
    clearing and settlement institutions, rating agencies, domestic
    and international investors, as well as officials from the Ministry
    of Finance. Participants examined the global and domestic context,
    taking into account market views and how the EBRD and other donors
    can help to address the development needs of Armenian capital markets.

    The forum was opened by Arthur Javadyan, Chairman of the Central Bank
    of Armenia, David Sargsyan, Minister of Finance and Andre Kuusvek,
    EBRD Director for Local Currency and Capital Market Development.

    The EBRD is a key investor in Armenias private sector and an advocate
    for further development of the local currency and capital markets.

    Capital markets promote economic growth and welfare generation by
    mobilising financial resources and facilitating their efficient
    allocation. Investors stand to benefit from a more robust market by
    having a wider range of instruments in which to invest and hedge,
    while issuers will have access to a broader selection of tools to
    finance their investment needs, said Mark Davis, Head of the EBRD
    Yerevan Office.

    This conference coincides with the EBRD issuing its first
    publicly-auctioned local currency bond in Armenia, the proceeds of
    which the Bank is channelling into its local dram investment portfolio.

    This is a signal that Armenian markets are open to the international
    investment community, while helping to align the currency and maturity
    balance-sheet compositions of both participating investors and dram
    borrowers, added Mr Davis.

    Armenia has a well-structured mandatory pension system, which will
    contribute to, and benefit from, a robust capital market. One
    anticipated result of the conference will be the creation of a
    public-private policy dialogue platform between private sector
    players, regulators and government to pave the way for a modernised
    and sustainable infrastructure that will benefit all parties.

    With recent developments and the joint efforts of all market players
    to build more efficient, transparent and attractive capital markets
    in Armenia, we see growing interest from the international financial
    community, said Konstantin Saroyan, CEO, NASDAQ OMX Armenia. This
    conference is additional proof of our market attractiveness. We
    will strive to develop this further and to create a marketplace that
    facilitates investment in the Armenian economy."

    As a result of efficient cooperation we managed to secure the
    participation of the EBRD and the International Financial Corporation
    in Armenian capital markets. Recently, these institutions made their
    first Armenian dram-nominated bond placements. This will create
    high-quality investment instruments and a favourable investment
    environment, both of which are especially important for the efficient
    management of pension funds. It also paves the way for other companies
    to consider capital markets as alternative sources of attracting
    investment, said Arthur Javadyan, Chairman of the Central Bank of
    Armenia, opening the conference.

    The conference is funded through the EBRD Shareholder Special Fund
    which allows the EBRD to support local currency and capital markets
    development through institutional capacity building.



    From: Emil Lazarian | Ararat NewsPress
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