PRIME MINISTER TIGRAN SARGSYAN ATTENDS OPENING OF PROCREDIT BRANCH IN VANADZOR

ARMENPRESS
JULY 15

Prime Minister Tigran Sargsyan traveled today to Vanadzor, the capital
of Lori province, to attend the ceremony of opening of a branch of
German ProCredit bank. The prime minister and his entourage were
welcomed at the province’s border by the governor and other senior
regional officials.

Germany’s ambassador to Armenia, Andrea Wiktorin, Central Bank Chairman
Arthur Javadian and ProCredit’s Executive Director Bertold Herzfeld
were among the dignitaries who also attended the ceremony.

ProCredit opens the branch to boost small and medium
businesses. Vanadzor mayor Samvel Darbinian said the opening of the
15-bank branch in the third largest town of the country is a testament
of its being interesting for businessmen.

Prime Minister Sargsyan said he is happy that the German bank opens
its first branch outside the capital city Yerevan.

"It is important that we unload Yerevan while ProCredit is known for
its aggressive policy and being a fast growing bank will help boost
small and medium-sized business in the town and the province," he said.

German ambassador thanked the provincial leadership and Vanadzor
municipality for their assistance to the bank. Then she and Tigran
Sargsyan cut the ribbon.

Prime Minister Sargsyan also visited the under construction chess
school in Vanadzor. Half of 140 million drams necessary to build
it was made available by the municipality and the other half by the
government. The school will be ready in autumn.

The prime minister then visited the site of construction of small hydro
power plants. Last year three small hydro power plants were built in
the province and feasibility studies are being made for another 10.

Eleven small hydro power plants built in recent years produce a total
of 33 million Kwh power.