US AGENCY FOR INTERNATIONAL DEVELOPMENT TO GUARANTEE NEW SHORT-TERM DEBENTURE
By Aghavni Harutyunian
AZG Armenian Daily #154, 31/08/2005
Economy
The US Agency for International Development and Kaskad-Kredit
Corp. signed an agreement of credit guarantee, according to which AID
will guarantee 50 percent of short-term debenture of Kaskad-Kredit
Corp. As executive director of Kaskad Capital Holding, Jonathan Stark,
put it, such an agreement is a great event for Armenia.
Emphasizing the importance of the event, US ambassador to Armenia
John Evans stated that preparation for this agreement lasted 2
years. Gerald Gefestchian is its initiator. The ambassador noted
that the US does not simply invest in such countries like Armenia
but works to stimulate export in Armenia. Amb. Evans said also that
the president of Kaskad-Kredit Bank, Garegin Gevorgian, studied in
the United States by Muskie program.
President of the Central bank of Armenia, Tigran Sargsian, pointed out
that Garegin Gevorgian’s main plus is the fact that he had studied
in the USA but that he had work experience at Central Bank. In view
of the new bonds coming into circulation the CB is making relevant
changes to put the agreement in use.
The executive director of Kaskad-Kredit said that they will issue
debenture for one year with a nominal dimension of $6 million. The
first debentures will be issued till the end of the year through the
Armenian stock exchange.
From: Emil Lazarian | Ararat NewsPress