ARMENIAN GOVERNMENT TO ALLOCATE $2.5MLN WORTH BUDGET GUARANTEE TO ELITE GROUP CONSTRUCTION COMPANY

/ARKA/
June 4, 2009
YEREVAN

YEREVAN, June 4. /ARKA/. Armenian Government decided to allocate
a $2.5mln worth budget guarantee to Elite Group company today for
completing one of the construction projects in Yerevan.

Earlier the country’s Minister of Finance Tigran Davtyan said that
the government was ready to provide state guarantees for 20bln Drams
to construction companies for promotion of construction projects.

Davtyan pointed out that today’s government decision is the first
step on this way – in providing government guarantees provided by
Ameriabank.

Elite Group has been properly working on the construction market
since long ago and meets the government-set eligibility criteria for
the guarantees, Davtyan said.

Armenian Premier Tigran Sargsyan, in his turn, said that it was the
first application received by the government after the instrument of
construction sector promotion was launched.

The Premier expressed hope that other companies eligible for the
guarantees will follow the example.