INTERSTATE BANK FINANCES CREDIT PROGRAMS OF ABOUT 110 MILLION DOLLARS IN ARMENIA

Noyan Tapan
Nov 04 2006

YEREVAN, NOVEMBER 4, NOYAN TAPAN. The Interstate Bank has implemented
tens of projects in Armenia by providing credits of a total of 110
mln dollars.

Tigran Sargsian, Chairman of the Central Bank of Armenia (CBA),
current Chairman of the Interstate Bank, said this at the press
conference to summarize the results of the Interstate Bank’s sitting
in Yerevan on November 3. Chairman of the RF Central Bank Sergei
Ignatyev and Chairman of Kazakhstan’s National Bank Anvar Saydenov
also participated in the press conference. According to T. Sargsian,
the projects implemented by the Interstate Bank in Armenia are related
to such spheres as energy, chemical industry, Yerevan inner city
transport. The bank’s loans carried 9-12% interest rates. "Armenia is
actively cooperating with the Interstate Bank," he noted, adding that
Belarus, Russia and Ukraine have also implemented projects with this
bank. He said that issues related to the Interstate Bank’s activities,
credit policy and its cooperation with the Eurasian Development
Bank were on the aganda of the Yerevan sitting of the Interstate
Bank Board. S. Ignatyev did not rule out the possibility of a merger
between the Interstate Bank and the Eurasian Development Bank (wose
founders are Russia and Kazakhstan). In his words, the Interstate Bank
does not have yet a financial opportunity to assist with projects
on formation of new financial infrastructures in CIS countries. The
Interstate Bank was founded in 1993 based on an agreement signed by
the leaders of Armenia, Belarus, Kazakhstan, Kyrghyzstan, Moldova,
Russia, Tadjikistan, Turmenistan, Uzbekistan and Ukraine. The bank’s
authorized capital makes 20 million rubles (about 7.22 mln USD),
with Armenia’s share amounting to 300 thousand rubles (1.8%).

From: Emil Lazarian | Ararat NewsPress