EBRD PROVIDES A $5.5MLN LOAN TO "ELITE GROUP"

AZG Armenian Daily
02/07/2009

Economy

The European Bank for Reconstruction and Development (EBRD) provided
Armenian developer "Elite Group" CJSC with a loan of $5.5mln and
a grant of ~@130 thousands to encourage "Elite Group" company’s
innovations in the sphere of energy conservation.

The loan agreement was signed by the Head of EBRD Yerevan Office
Valeri Razlog and General Director of "Elite Group" Armen Mkoyan in
Yerevan today.

Armenian Prime Minister Tigran Sargsian stated that "Elite Group"
is one of the best developers in the country, reminding that the
government provided the company with state guarantees for completing
the construction of started objects.

The Prime Minister expressed hope that confidence of the government
and international financial structures in developers will become a
stimulus for investments in the construction sphere of Armenia by
the private sector.

EBRD Regional Director Paul-Henri Forestier noted that by this loan
EBRD "assists not only the "Elite Group," but also the entire Armenian
economy", Public Radio reports.

From: Emil Lazarian | Ararat NewsPress