EBRD UPGRADES ITS PRESENCE IN ARMENIA: BANK NAMES A NEW HEAD FOR ITS YEREVAN OFFICE

YEREVAN, Arpil 1. /ARKA/. The European Bank for Reconstruction and
Development apoointed a new head for its Yerevan office – EBRD senior
banker Michael Weinstein. As ARKA was informed from the EBRD London
office, his appointment is part of the Bank’s aim to help Armenian
entrepreneurs gain fuller access to global markets and a signal of
the Bank’s intention to find the most positive ways to engage with
a country rich in human capital and potential.

M.Weinstein, a US-trained banker, has a substantial experience of
emerging markets in Central and Eastern Europe, Latin America and
the Commonwealth of Independent States. He worked on infrastructure
projects in Russia since joining the EBRD in 2000. The Bank believes
that his knowledge and broad range of contacts will encourage Armenian
and international partners alike to find creative opportunities for
shared business. “I look forward to making a difference in Armenia,
an ancient country with a great potential for the future,” said
M.Weinstein.

Armenia is a key part of the EBRD’s “Early Transition Countries” (ETC)
initiative, launched in 2004 and aims to stimulate market activity in
the Bank’s seven poorest countries of operations. As well as Armenia,
these are Azerbaijan, Georgia, the Kyrgyz Republic, Moldova, Tajikistan
and Uzbekistan. The initiative uses a streamlined approach and greater
financing alternatives to find more and smaller projects, while
also mobilising more grants for technical assistance and encouraging
economic reform. The initiative is part of an international effort to
address poverty in these members of CIS. The Bank will accept higher
risk in the projects it finances in the ETCs, while still respecting
the principles of sound banking.

Among recent deals signed by the EBRD in Armenia is the first direct
investment facility agreement under the ETC programme with Shen
Concern, which will allow the construction-material manufacturer to
upgrade its plant. EBRD has recently signed a direct loan facility
agreement with textile producer Maralik. The bank already invested in
the Armenian Copper Programme, and is looking projects in agribusiness
and mining, has expertise-sharing programmes in sectors as diverse
as information technology and tourism. EBRD has relationships with
the three Armenian banks – Armeconombank, Bank Anelik, and ACBA. In
the week Michael Weinstein takes up his duties in Yerevan, the Bank
will sign a trade facilitation programme agreement with a fourth
bank, Ineco.

The press-conference of M.Weinsteinin Yerevan wil be held in
“Marriott-Armenia” on April 5, 2005 at 17:00.

ARKA reference: Michael Weinstein graduated from the University of
Chicago Business School. He joined Bank of Montreal in New York, where
he focused on corporate lending to Fortune 500 companies in the US. In
1987, he joined Citibank’s Private Banking and Investment department
in New York, where, as Vice President, he worked with entrepreneurs
and small businesses. In 1993, he joined Ernst & Young’s International
Financial Services practice in Washington, DC, where he worked for
seven years, focusing on the emerging markets of Central and Eastern
Europe, CIS, and Latin America. As part of this work, he consulted
on several privatisation and PPP projects in these regions. He joined
the EBRD in 2000, working in the Bank’s Moscow office. His experience
with the Bank to date has been in the infrastructure sector.