US TO RENDER CREDIT

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| 15:18:00 | 30-08-2005 | Politics |

The US Agency for International Development has concluded a loan
guarantee agreement with Cascade Credit CJSC.

Today the signing ceremony with the participation of RA Central Bank
President Tigran Sargsyan and US Ambassador to Armenia John Evans
took place in the head office of Cascade Capital Holdings.

The credit agreement will provide for partial guarantee for the bonds
issued by the company. The American party engaged itself to pay off
50% of Cascade Credit’s debt to the holders of securities. Presently
bonds with 1-year guarantee term are to be issued.

According to Cascade Credit CJSC President Garegin Gevorgyan till the
end of the next year bonds valuing in $6 million will be issued. “It
is a serious step for becoming a leader on the Armenian and Caucasian
market”, he said. To note, the Cafesjian Fund is the holder of 100%
stocks of the Cascade Capital Holdings.