CASCADE CREDIT SIGNS LOAN GUARANTEE AGREEMENT WITH USAID
Armenpress
YEREVAN, AUGUST 30, ARMENPRESS: On August 30 at Cascade Capital
Holding’s headquarters Cascade Credit CJSC and the United States Agency
for International Development (USAID) signed a loan guarantee agreement
according to which USAID will guarantee bonds to be issued by Cascade
Credit CJSC. The loan agreement was signed by U.S. Ambassador John
Evans, USAID Country Mission Director Robin Phillips, and Cascade
Credit Executive Director Garegin Gevorgyan. This loan agreement
will provide a partial guarantee for bonds to be issued by Cascade
Credit, which will be issued and traded on the Armenian Stock Exchange
(ARMEX). The guarantee will cover up to 50% of the principal amount
of Cascade Credit’s public debt, should that need arise. The proceeds
from the bond issuance will be primarily used for Armenian export
financing. Cascade Credit CJSC, a subsidiary of Cascade Capital
Holdings, is a non-banking credit organization, actively engaged in
developing the Armenian Public Corporate Debt market. Cascade Credit
CJSC works to introduce a range of financial products and concepts
that are specifically tailored for Armenia and aims at becoming a
major innovative financial intermediation player in Armenia with a
special focus on identifying market inefficiencies and eliminating
them through profitable strategies. Cascade Capital Holdings is 100%
owned by the Cafesjian Family Foundation (CFF), a United States 501(C)
3 organization. According to Garegin Gevorgyan, Executive Director of
Cascade Credit, “The USAID partial guarantee for bonds to be issued by
Cascade Credit will pave the way for development of capital markets
in Armenia by illustrating the viability of public corporate debt
market.” “It is also a major step towards Cascade Capital’s goal
to become a financial market leader in Armenia and the Caucasus,”
elaborated Jonathan Stark, Deputy Director of Cascade Capital Holdings.