Eurasian Development Bank ready to finance all economically justified investment projects in Armenia
23.12.2014,
15:42
The Eurasian Development Bank will do whatever it can to finance all economically justified investment projects in Armenia which are in tune with the bank's strategy and mission, Sergey Ignatov, director of the bank's rep office in Armenia.
YEREVAN, December 23. /ARKA/. The Eurasian Development Bank will do whatever it can to finance all economically justified investment projects in Armenia which are in tune with the bank's strategy and mission, Sergey Ignatov, director of the bank's rep office in Armenia.
«There will be no restrictions in terms of the bank's capability to finance in Armenia... The bank is focused on financing large and complicated investment projects,» he said. «I mean we are not a conveyor that produces standard financial products, we produce single-piece financing, each of our projects is unique, and it has an individual and complicated structure and way of crediting.»
Ignatov said that Armenia's economy is relatively small and new investment projects which cost $10 to 15 million are unique, and there are very few projects of this kind in the country.
«We more or less know all the large investment projects in Armenia... Negotiation over some of them is under way now,» he said. «Implementation of even one of the projects we are considering can increase our loan portfolio a great deal and even double it.»
Ignatov said that now the bank is considering mining, energy, logistic and agriculture projects.
Expressing satisfaction at the bank's activity in Armenia in 2014, he said that it lent $89 million to six local financial institutions. In his words, the bank lent $11 million to SAGAMAR mining CJSC this year.
Ignatov also singled out the construction of North-South road among very important projects saying that it connects the Central Asia and India with Iran, Georgia, Russia and Europe.
He said improvement of transport infrastructure will intensify the investment inflow, improve business environment and increase employment and business activity rates.
The road construction is estimated to cost $1.5 billion. In July, the anti-crisis fund of the Eurasian Economic Union approved a $150-million investment loan for Armenia for construction of the North-South road.
«I think this is just beginning of our cooperation, investors have large investment plans in Armenia, and we'll support them,» Ignatov said.
Eurasian Development Bank (EDB) is an international financial organization established by Russia and Kazakhstan in 2006 to help develop market economies and boost mutual trade ties in member states. The bank’s authorized stock is over 1.5bln US dollars. The member-states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. --0-----
