EBRD hopes for cooperation with Armenia’s private sector
04.08.2007,
03:49
European Bank for Reconstruction and Development hopes for cooperation with Armenia’s private sector, Michael Weinstein, head of EBRD Yerevan Resident Office, said Friday at a news conference.
YEREVAN, August 3. /ARKA/. European Bank for Reconstruction and Development hopes for cooperation with Armenia’s private sector, Michael Weinstein, head of EBRD Yerevan Resident Office, said Friday at a news conference.
He said that the EBRD is manly focused on former Soviet Union republics, Caucasus, Central Asia and Mongolia.
Weinstein also said that activity enlargement in Armenia is a part of the bank’s strategy, since growing economy creates greater demand for financial means, credits and investments.
He said the bank’s key focus is private sector development, for which 90% of EBRD financing for Armenia was allocated.
Weinstein said that EBRD also hopes for enlargement of cooperation with Armenian banks and non-banking sector.
He said that the EBRD participation in Armenia’s non-banking sector, particularly in network of supermarkets show intensive development of this business.
The head of EBRD Yerevan Office hopes that the bank’s work in Armenia will be more successful in 2007 than in 2006.
“We’d like to embrace also other sectors of financial market – leasing and factoring - and provide support to stock exchange development”, Weinstein said.
Armenia joined EBRD on December 7, 1992 with EUR 10 million.
The EBRD holds 25% of Armeconombank’s shares + 1 share from Dec 2004. EBRD is also among Hytex Plastic CJSC, Shen-Concern CJSC Tamara Fruit, Licvor companies and Star supermarkets network shareholders.
The bank has invested $15mln in these companies.
In 2006, the EBRD-provided financing in Armenia reached the record high – about EUR 40mln. Twelve projects were implemented in 2006.
The bank’s credit portfolio in Armenia exceeds $100mln now. M.V.-0---
He said that the EBRD is manly focused on former Soviet Union republics, Caucasus, Central Asia and Mongolia.
Weinstein also said that activity enlargement in Armenia is a part of the bank’s strategy, since growing economy creates greater demand for financial means, credits and investments.
He said the bank’s key focus is private sector development, for which 90% of EBRD financing for Armenia was allocated.
Weinstein said that EBRD also hopes for enlargement of cooperation with Armenian banks and non-banking sector.
He said that the EBRD participation in Armenia’s non-banking sector, particularly in network of supermarkets show intensive development of this business.
The head of EBRD Yerevan Office hopes that the bank’s work in Armenia will be more successful in 2007 than in 2006.
“We’d like to embrace also other sectors of financial market – leasing and factoring - and provide support to stock exchange development”, Weinstein said.
Armenia joined EBRD on December 7, 1992 with EUR 10 million.
The EBRD holds 25% of Armeconombank’s shares + 1 share from Dec 2004. EBRD is also among Hytex Plastic CJSC, Shen-Concern CJSC Tamara Fruit, Licvor companies and Star supermarkets network shareholders.
The bank has invested $15mln in these companies.
In 2006, the EBRD-provided financing in Armenia reached the record high – about EUR 40mln. Twelve projects were implemented in 2006.
The bank’s credit portfolio in Armenia exceeds $100mln now. M.V.-0---
