YEREVAN, October 22. / ARKA /. Armenia-based Ameriabank said today it had invested 6.5 billion drams in the construction of a modern metal smeltery ASCE GROUP in the town of Charentsavan in central Kotayk provionce. The smeltery inaugurated today is equipped with high-quality technological machines manufactured and installed by Siemens.
In a press release the bank said it had initiated the project, which it said is of special importance in the Caucasus, by using trade finance instruments.
"The total cost of the smeltery is 7.8 billion drams, of which more than 6.5 billion drams came from Ameriabank", it said.
It said the financing was made through effective cooperation with a World Bank member International Finance Corporation (IFC). Ameriabank has financed the construction of the smeltery as part of IFC’s trade finance program, it said.
Ameriabank’s Corporate Customers director Gagik Sahakyan said the smeltery conforms to all international standards.
"Ameriabank appreciates highly the cooperation with IFC, which made it possible to launch the construction of a modern smeltery in the region," he said.
He said the smeltery would be a powerful incentive for the development of the Armenian economy, increasing the share of industry in the overall GDP, creating new jobs and improving the competitiveness of Armenian products.
Ameriabank provides investment, corporate and retail banking services in a comprehensive package of banking solutions. ($ 1 - 406.11 drams). .-0-