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Armenian government amends loan agreement with EDB on allocation of $200 million from ESDF for construction of Kajaran tunnel
On Friday, the Armenian government approved the proposal to sign an additional agreement No. 1 to the agreement between the Republic of Armenia and the Eurasian Development Bank (EDB) on the provision of an investment loan in the amount of $200 million to finance the construction of the Kajaran tunnel. YEREVAN, December 27. /ARKA/. On Friday, the Armenian government approved the proposal to sign an additional agreement No. 1 to the agreement between the ...
12/27/2024Armenia and Japan sign convention on avoidance of double taxation
... well as the Prevention of Fiscal Evasion and Avoidance, on Thursday, the ministry’s press service reported. The Convention will create opportunities to stimulate entrepreneurship in both countries, foster competitive conditions, encourage favorable investment activities, and establish a stable tax environment for investors. The signing of the Convention is expected to expand the trade of goods and services between Armenia and Japan, facilitate the movement of capital, technology, and people, and ...
12/27/2024Ardshinbank once again recognized as Private Bank of the Year and Retail Bank of the Year by Global Banking and Finance Awards magazine
... for the second time by the well-known international financial magazine Global Banking & Finance Review. A special jury of industry analysts and experts annually selects financial organizations worldwide based on several key indicators: market share, investment opportunities, innovative solutions, international market reputation, and the volume and quality of services provided to clients. According to the press release issued on this occasion by the magazine, Ardshinbank was recognized for its outstanding ...
12/26/2024“Gazprom-Armenia” to invest about 143 billion drams in 2025-2029
... initially requested 144 billion 27.51 million drams (excluding VAT) to 143 billion 45.67 million drams. The key areas of the investment program include the expansion of the Abovyan underground natural gas storage facility, the restoration and reconstruction ... ... transmission system, the connection of new subscribers, and other work in the gas distribution system. On gas supplies from the Russian Federation to Armenia: CJSC “Gazprom-Armenia” is a 100% subsidiary of the Russian energy holding PJSC Gazprom, the ...
12/26/2024Ardshinbank Finances the Construction of an Innovative Greenhouse Facility
... addition, hydroponic structures allow for plants to grow in a natural environment. The products are expected to be exported to the Russian Federation, the United Arab Emirates and Qatar. “Our goal is to reach a yield of 1.5 thousand tons per year. It is planned ... ... bank in Armenia. It provides a wide range of universal banking services, providing solutions in the areas of retail, corporate, investment, as well as private banking and asset management. Ardshinbank serves approximately 390,000 customers through a dedicated ...
12/25/2024Unibank named best bank for high-net-worth individuals in the CIS
... prestigious award is an important incentive for the further development of Unibank Privé. We are grateful for the recognition of many years of effort invested in the growth of private banking. Unibank Privé is not just premium service and personalized investment solutions; it is the embodiment of sincere care for our clients and their families. For our clients, Unibank has become a reliable partner, and the Privé division is an assistant making life more comfortable. We have many ambitious plans aimed ...
12/19/2024Unibank opens new Dalma branch
... the most convenient time. The branch will provide all banking services to individuals and legal entities such as deposit account opening, consumer and business lending, money transfers, provision and servicing of cards, cash and settlement services, investment in shares and bonds, etc. There is also a self-service payment terminal in the service hall. The Dalma branch is located at 3, Tsiitsernakaberd highway (Dalma Garden Mall shopping centre), 1st floor, 6th premises. -0- --
12/18/2024Armenia and UAE to strengthen trade, tourism, and tech ties
... trade, tourism, technology, and infrastructure. Mirzoyan stressed the need for continued active efforts to achieve more significant outcomes, given the mutual interest, political will, and mutually beneficial prospects. In the context of attracting investment, the importance of periodically holding reciprocal visits and forums involving business circles was emphasized. Mirzoyan and Gargash exchanged views on regional issues. The head of Armenia's Foreign Ministry presented Armenia's vision for establishing ...
12/17/2024Turkey only needs to invest $2.5 billion in Armenia's economy to take control of it, says CCAF head
... be to buy up local companies and enterprises at throwaway prices. Turkish investors will start developing such key areas as the hotel and tourism business, and then they will take over the banking sector,’ says Papazian. In his opinion, the $2.5bn investment would be enough for Turkey to take control of a significant part of Armenia's economy, which in turn would jeopardise its independence. Such a change, according to Papazian, would not only lead to increased economic dependence, but also to ...
12/14/2024Armenian Economy Minister shares plans to develop Amulsar gold mine after EDB withdraws from the project
... Minister Gevorg Papoyan shared today plans regarding the restart of the Amulsar gold mine after the Eurasian Development Bank (EDB) withdrew from the project. ‘After the EDB withdrawal from the project, Armenian commercial banks may assume its share of investment in the project. Negotiations are now underway between the owners of the mine and the banks. And if these negotiations are successful, and I hope so, the banks will provide the financing,' Papoyan said at a press briefing on Thursday. He added ...
12/12/2024Agro-sector and investments: Armenia and China discuss strengthening trade and economic ties
... economic relations were discussed by Armenian Deputy Minister of Economy Tatevik Sargsyan and the delegation of China's Ministry of Commerce at a meeting held yesterday at the Armenian Ministry of Economy. Expanding cooperation in the agro-sector and investments, considering untapped potential, were also discussed, according to the press service of the Armenian Ministry of Economy. The interlocutors also discussed the agenda for the upcoming meeting of the intergovernmental commission on economic ...
12/12/2024EDB excludes risk of “overheating” in Armenian economy from construction and lending (EXCLUSIVE)
There is no risk of “overheating” in the Armenian economy due to increased investments in construction and lending. YEREVAN, December 12. /ARKA/. There is no risk of “overheating” in the Armenian economy due to increased investments in construction and lending. This was stated by Alexei Kuznetsov, head of the EDB's analytical ...
12/12/2024EBRD and EU, together with Galt & Taggart and Ameria Management Advisory launch a programme to support the Armenian capital market
... collaboration with Galt & Taggart and Ameria Management Advisory, are launching a program to support the Armenian capital market, valued at approximately 500,000 euros. "The development of the capital market is one of the most important factors in the investment sector and is essential for Armenia's financial depth. Today, the EBRD is launching a technical assistance program. The tender was awarded to a consortium of two companies, Galt & Taggart (Georgia) and Ameria Management Advisory," said ...
12/11/2024Construction volume in Armenia up 15.5% to 484.5 billion drams in 10 months
... volume of construction financed by international loans in the first ten months of 2024 amounted to 37,845.5 million drams (7.8% share), reflecting a 60.7% increase. Of these international loans, the World Bank provided 5,002.2 million drams, the European Investment Bank 4,425.2 million drams, the Asian Development Bank 16,912.5 million drams, the German Development Bank 2,659.3 million drams, the European Bank for Reconstruction and Development 4,799.6 million drams, and other institutions 3,018.1 million ...
12/09/2024EDB investments in 2024 total $2.3B, with $436M in Armenia, Kyrgyzstan, and Tajikistan
... December 6. /ARKA/. The Eurasian Development Bank (EDB) launched about 30 new projects in 2024. This was announced by Nikolai Podguzov, Chairman of the EDB Management Board, at the bank's press conference summarizing the year's results. "The total investment volume for the year reached $2.3 billion. The current investment portfolio in Armenia, Kyrgyzstan, and Tajikistan amounted to $436 million, an increase of 1.5 times compared to 2023. Net profit for the first 11 months of 2024 stood at $135 ...
12/06/2024EDB develops non-sovereign financing database to track investments by international financial institutions in Eurasia
The Eurasian Development Bank (EDB) has developed a non-sovereign financing database to track investments by international financial institutions (IFIs) in Eurasian countries. YEREVAN, December 6. /ARKA/. The Eurasian Development Bank (EDB) has developed a non-sovereign financing database to track investments by international financial institutions ...
12/06/2024EDB to invest $200-250 million in Armenia in 2025-2026 – Deputy Chairman
... bank is focusing on Armenia's energy sector, agriculture, and mining industry. The possibility of continuing cooperation with the Yeremyan Projects agro-industrial complex is also being considered. Mandron emphasized that in Armenia, the EDB focuses on investments in the real sector and integration. "The EDB's total investments in Armenia from 2022 to 2024 amounted to $328 million, with accumulated investments reaching $488 million. The EDB's current investment portfolio in Armenia stands at $200 ...
12/05/2024EDB lowers Armenia's GDP growth forecast for 2024 to 6%, but raises it for 2025 to 5.5%
... expanding due to stable growth in lending to the population (22.9% y/y in October) and the execution of planned government spending in the fourth quarter of 2024. According to the results for January-September, household consumption grew by 7.4% y/y, and investment in fixed assets increased by 13.6% y/y, serving as the main drivers of the economy during the same period (GDP growth was 6.0% y/y in January-September 2024). Figures and Forecasts for the Armenian Economy Economic growth in Armenia is projected ...
12/05/2024Ardshinbank Partners with the European Investment Bank to Improve Climate Risk Management
Ardshinbank has begun a strategic technical assistance initiative with the European Investment Bank (EIB) within the framework of the Greening Financial Systems program. YEREVAN, December 5. /ARKA/. Ardshinbank has begun a strategic technical assistance initiative with the European Investment Bank (EIB) within the framework of ...
12/05/2024Armenia boosts defense to support education development - Finance Minister
... other social assistance programs," he said. Hovhannisyan pointed out that there is a certain nuance to this. “We are strengthening our defense capability to be able to build schools and develop the education sector, which is the most important investment for ensuring Armenia's long-term development,” the minister emphasized. In addition, Hovhannisyan stated that the budget for the Ministry of Education, Science, Culture, and Sports for 2025 has also been increased by 107 billion drams. As ...
12/05/2024Ardshinbank Successfully Completes Acquisition of HSBC Armenia
... aims to ensure customer convenience, with personalised support offered to address any concerns. Ardshinbank is the leading bank in Armenia. It provides a wide range of universal banking services, providing solutions in the areas of retail, corporate, investment, as well as private banking and asset management. Ardshinbank serves approximately 390,000 customers through a dedicated team of over 1,900 employees. The bank operaretes a powerful multi-channel service delivery and sales platform with 65 ...
11/29/2024Ardshinbank Donates 120 Million AMD to Hayastan All-Armenian Fund
... war. The project will be implemented in collaboration with the Soldier’s Home charitable NGO. Ardshinbank is the leading bank in Armenia. It provides a wide range of universal banking services, providing solutions in the areas of retail, corporate, investment, as well as private banking and asset management. Ardshinbank serves approximately 390,000 customers through a dedicated team of over 1,900 employees. The bank operaretes a powerful multi-channel service delivery and sales platform with 65 ...
11/28/2024‘’Voske Kat’’ invests over $201 million in dairy production in Armenia
... LLC will invest 78.8 billion drams ($201.2 million) in equipment and the purchase of imported raw materials for dairy production. At a meeting on Thursday, the Armenian government exempted ‘’Voske Kat’’ from import customs duties as part of an investment program in a priority sector. The production will take place in the Kotayk region of Armenia. An investment of 100 million drams is planned for equipment, and 78.7 billion drams for the purchase of raw materials. The company was founded in ...
11/28/2024VTB Armenia reduces interest rates on small business loans
... small businesses to 3% per annum for the first 90 days. The terms are available through the ''New Partner'' and ''Express'' programs for retail, manufacturing, and service businesses. Financing can be used for ongoing operations, loan repayments, and investment projects. Small businesses with a good credit history and an existing loan from another bank can apply for the ''New Partner'' loan. The interest rate is 3% for the first 90 days, then rises to 18% (effective rate: 17.25%). The maximum loan ...
11/27/2024EBRD expected to approve Armenia Country Strategy in first quarter of 2025
The European Bank for Reconstruction and Development (EBRD) is keen to maintain the momentum of elevated investments in Armenia in years to come, EBRD Managing Director for Turkey and the Caucasus, Elisabetta Falcetti said in an exclusive interview with the ARKA news agency. YEREVAN, November 26. /ARKA/. The European Bank for Reconstruction and Development ...
11/26/2024IMF: Armenia's economy to grow by up to 5.5% by 2028
... in the financial sector contributed to the expansion of Armenia's economy and its high growth. "However, the drivers of growth have changed. In 2022, the main driver was net exports, but the growth structure has shifted towards consumption and investment. In 2024, we observe a gradual shift towards more stable growth," he said. In this regard, Rawat noted that these trends are not negative phenomena. "Over the past two years, the IMF and other international financial institutions ...
11/26/2024EBRD has invested record 2.4 billion euros in Armenia - EBRD Managing Director for Turkey and Caucasus (EXCLUSIVE)
In an exclusive interview with the ARKA news agency EBRD Managing Director for Turkey and the Caucasus, Elisabetta Falcetti speaks about the bank's investments and goals in Armenia, as well as its priorities and future programs. YEREVAN, November 26. /ARKA/. In an exclusive interview with the ARKA news agency EBRD Managing Director for Turkey and the Caucasus, Elisabetta Falcetti speaks about ...
11/26/2024Armenian pension funds may increase investments abroad
The Central Bank of Armenia presented a draft law to the parliamentary committee on financial and budgetary issues, proposing to double the amount of investments that Armenian pension funds can make in other countries YEREVAN, November 23. /ARKA/. The Central Bank of Armenia presented a draft law to the parliamentary committee on financial and budgetary issues, proposing to double the amount of ...
11/25/2024Russian investments in Armenia total around $4 billion – Kopyrkin
The total amount of accumulated Russian investments in Armenia is approximately $4 billion, Russian Ambassador to Armenia Sergey Kopyrkin, in an interview with ‘’Izvestia’’. YEREVAN, November 25. /ARKA/. The total amount of accumulated Russian investments in Armenia is approximately ...
11/25/2024Armenia's largest toy maker to invest $1.1M, granted customs duty exemption
... November 21. /ARKA/. At a meeting on Thursday, the Armenian government granted ‘’Mankan’’ LLC an exemption from customs duties on imported raw materials for the production of soft toys. The decision was made in connection with the company’s investment program valued at 427.2 million drams (approximately $1.1 million). It is noted that the program includes capital investments of 115.7 million drams and 311.5 million drams for the purchase of raw materials, which will be exempt from customs ...
11/21/2024Armenian Jermuk Group to invest almost AMD 10bn in import of equipment and machinery
... customs duty on imported equipment. YEREVAN, 15 November. /ARKA/. The Armenian government at a meeting on Friday exempted mineral water production company Jermuk Group from paying customs duty on imported equipment. The decision is conditioned by the investment programme of the company worth about AMD 9.8 billion. Jermuk Group plans to purchase 10 DAF XF 480 FT tractors and 10 Krone SDP 27 eLG50-CS isothermal semi-trailers. The new equipment will provide ‘Jermuk Group’ with better services for ...
11/15/2024Frequent power outages concern Armenians: PSRC head candidate proposes solutions
... short time. "I cannot provide any figures yet. The concerning aspects need to be studied. If I am elected, we will need to prioritize addressing these issues," Mesropyan emphasized. He agreed that it was necessary to examine the details of the investment program of ‘’Electric Networks of Armenia’’. ‘’Electric Networks of Armenia’’ CJSC is part of the Tashir Group, owned by prominent entrepreneur and philanthropist Samvel Karapetyan. ESA manages medium and low voltage distribution ...
11/15/2024ADB explores special economic zone in Gyumri
... assess the potential for establishing a special economic zone in Gyumri. According to a post on the ADB Armenia office's Facebook page, the team examined the legal and regulatory framework, identified gaps in the current conceptual plan, and assessed investment opportunities and infrastructure requirements. The mission involved cooperation with the Ministry of Economy, the Gyumri City Hall, as well as representatives from existing free economic zones and the private sector. The main focus of the discussions ...
11/15/2024EIB ready to continue partnership in implementation of Armenian government's priority projects - Vice-President
The European Investment Bank (EIB) is ready to continue partnership with the government of Armenia in the implementation of the government’s priorities and strategic projects, the bank's Vice President Teresa Chervinska said at a meeting with Armenian ...
11/14/2024Armenia developing investment proposal for biological fertilizer production
The Armenian government is developing an investment proposal for the production of biological fertilizers. YEREVAN, November 14. /ARKA/. The Armenian government is developing an investment proposal for the production of biological fertilizers. This was announced on Wednesday in parliament ...
11/14/2024Armenian Central Bank head names measures to boost 5.6 per cent economic growth in 2025
... it is expected that effective implementation of the necessary structural reforms will be required to achieve the target level of economic growth. ‘Ensuring economic growth will significantly depend on the opportunities and results of improving the investment climate, promoting exports, as well as the implementation of infrastructure investment programmes in a timely and full manner,’ he said. In this context, the head of the Central Bank attached importance to the consistent increase in the role ...
11/12/2024Intensive gardens planned on 7,700 hectares in Armenia, 200-230blninvestment needed
... hectares as part of its intensive gardening program. YEREVAN, November 12. /ARKA/. Since 2018, Armenia has received applications to establish gardens on approximately 7,700 hectares as part of its intensive gardening program. It is expected that investments totaling between 200 and 230 billion drams will be attracted to the project, according to Arman Khojoyan, Deputy Minister of Economy. "Currently, gardens have already been established on approximately 2,600 hectares. The government's ...
11/12/2024Ardshinbank participates in Banking Forum 2024
... accordance with the much stricter European requirements." noted Alexander von Gleich. It’s important to note that Ardshinbank is the leading Bank in Armenia with a diversified universal banking offering including retail and commercial banking, investment banking, and private & wealth solutiThe Bank has over 385,000 customers served by 1,700+ employees, a strong omnichannel distribution platform with 65 branches, supported by a comprehensive mobile and online banking platform. The bank possesses ...
11/12/2024Yerevan's new Surmalu metro station project nears finalization, financing under discussion
... before the end of November and the revised version is approved, the tender process will then be organized. "Preliminary negotiations are underway with international organizations regarding potential financing for the project. Meanwhile, a public investment project is being developed for submission to the government for review," the adviser said. About the Surmalu Station At the moment, it is unclear exactly where the 12th Surmalu metro station will be located. It is expected to be situated ...
11/11/2024$9bn investment can help Armenia decarbonise economy and improve energy security - WB report
... GDP. The CCDR finds that the cost of inaction is high. The impact of climate change on the water and agriculture sectors alone could shrink Armenia’s economy by up to 3% by 2060 and increase poverty by as much as 2.7 percentage points by 2030. Investments to reduce the impacts of climate damage would, in contrast, expand the economy by 0.5-1% per year. The country has long relied on natural gas imports to power its cities and industries, heat its homes, and fuel its transportation. Natural ...
11/08/2024Armenia to take €236 million in loan from EIB for Sisian-Kajaran road construction
The Armenian government approved a loan agreement with the European Investment Bank (EIB) on Thursday, whereby the country will be provided with with €236 million for the construction of 60 km of the Sisian-Kajaran road. YEREVAN, November 7. /ARKA/. The Armenian government approved a loan agreement with the ...
11/07/2024Construction sector in Armenia grows by 15.9% to AMD 406.4 bln in 9 months
... population-financed construction - 95.4 billion drams (63.4% increase). The World Bank financed about 3.9 billion drams worth construction, the European Bank for Reconstruction and Development - over 5.2 billion drams worth construction, the European Investment Bank - 4.4 billion drams, the Asian Development Bank - 13.7 billion drams, the German Development Bank - about 2.2 billion drams and other structures - about 2.9 billion drams. ($1 - 387.36 drams) -0-.
11/06/2024Ardshinbank Recognized as Leader in Armenia’s Secondary Corporate Bond Market
... secondary corporate bond market at the annual awards organized by the Armenian Stock Exchange (AMX) and the Central Depository of Armenia. The title of best dealer is awarded based on a general vote among the dealers of AMX member Armenian banks and investment companies. Hayk Yeganyan, CEO of the Armenian Stock Exchange, noted, “The 2024 awards highlighted the dynamic growth of Armenia’s capital market and the participants' readiness to meet international standards. The achievements of the award ...
11/06/2024In the center of Yerevan, 145,000 subscribers will be provided with uninterrupted power supply
... said the national power distribution company Electric Networks of Armenia (ENA) will lay 40 km of cable on 40 streets. According to the report, the construction sites have appropriate equipment to ensure the safety of pedestrians and road traffic. The investment program being implemented jointly with ENA will solve the energy supply problems that have accumulated over decades. Earlier, ENA announced plans to invest approximately 6.7 billion drams to modernize the power supply network in the center ...
11/05/202443 billion drams allocated for five agricultural programs in Armenia in 2025- Papoyan
... approximately 200 lenders," Papoyan said. The Minister also announced that 2.9 billion drams will be allocated for the initiative to subsidize interest rates on agricultural loans (5,220 lenders), while 2.4 billion drams will be allocated for three investment programs in the field of livestock farming ($1 = 387.09 drams). -0-
11/05/2024Armenia to own 15% in Aig-1 project implemented jointly with Emirates’ MASDAR
..., and operation of the station was signed in November 2021. The olar power plant with an installed capacity of 200 MW is to be built on an area of 500 hectares in the communities of Talin and Dashdede in the Aragatsotn province of Armenia. The total investment cost of the program was estimated at $174 million. Initially, 15% of the solar power plant were to be handed over to Armenian National Interest Fund (ANIF), established by the government in 2019 to attract foreign investments in partnership ...
11/05/2024EU investment in Armenia's logistics infrastructure under discussion
... export market expansion, aligning quality infrastructure with international standards, and deepening cooperation in food security, the press service of Armenian Ministry of Economy reported The interlocutors discussed possibilities for attracting EU investments to develop logistics infrastructure in Armenia's economy. They also considered expanding support mechanisms for small and medium-sized businesses through new financial resources and long-term credit programs. An exchange of ideas on cooperation ...
11/05/2024Staking on super-app and dividends: TelCell declares investors' interest in company's shares
The active sale of Telcell shares continues, with thousands of shareholders already making significant investments in one of Armenia's leading financial ecosystems, testifying to the company's dynamic development, visible growth and confidence, TelCell CEO Artem Ghazaryan told a news conference today. YEREVAN, 4 November. /ARKA/. The ...
11/04/2024Ameriabank's exclusive offers: MyHome platform and preferential loans
... mortgage loan and buy, renovate or build a house in any part of Armenia. The loan is provided irrespective of the applicant's place of residence and income registered in the Republic of Armenia, as well as without any origination and servicing fees. Investment loan for buying a house abroad Ameriabank's investment loan is the first and so far the only type of loan in Armenia, which can be used to buy immovable or movable property abroad and thus generate additional income. One can also apply for ...
10/25/2024Buying a home has never been easier: Ameriabank presents MyHome ecosystem at TOON EXPO 2024
... Armenian mortgage lending market, is taking part in the largest Armenian exhibition TOON EXPO 2024, which will be held from 25 to 27 October inclusive. ‘We are participating in TOON EXPO 2024, presenting the MyHome ecosystem - our types of mortgage and investment loans that allow purchasing property in Yerevan, the regions and abroad. They are available to both residents of Armenia and our Diaspora compatriots. We will also present all the state support programs that Ameriabank has joined and which ...
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