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Armenian government to raise housing compensation for Alaverdi flood victims
... Administration and Infrastructure David Khudatyan reported that the homes and apartments of some Alaverdi residents became uninhabitable as a result of the disaster and were in a state of emergency. As a result, it was decided to provide residents with funds to purchase new housing. The initial compensation was set at 63,400 drams per square meter. However, the market conditions showed that it was impossible to purchase housing in Alaverdi at that price. As a result, the government decided to raise ...
12/19/2024Armenian prosecutor general to confiscate 1.7 billion drams and property from ex-accounts chamber head
... Yerevan worth 53 million drams, shares in three legal entities, a loan of 69 million drams, and a deposit of 32 million drams. The prosecutor's office is also seeking the confiscation of about 1.57 billion drams, considered the remainder of illicit funds, including amounts transferred to third parties.
12/18/2024Acba bank to Allocate $50 Million for MSME Development (video)
... partnership with IFC is a significant project aimed at supporting micro, small, and medium enterprises. The program is about sharing risks—IFC's support allows us to be bolder and more active in financing MSMEs. I believe we can rapidly allocate these funds," said Hakob Andreasyan, CEO of Acba bank. "This risk-sharing partnership with Acba bank is vital for Armenia as it promotes the sustainable and inclusive development of the country. Through this project, we aim to support MSME financing ...
12/13/2024EBRD and EU, together with Galt & Taggart and Ameria Management Advisory launch a programme to support the Armenian capital market
... said Rada Tomova, Associate Director - Capital & Financial Markets Development at European Bank for Reconstruction and Development (EBRD) According to her, the program will give a boost to the further development of Armenia's capital market. “The funds allocated for this program total approximately 500 thousand euros," Tomova said in response to a question from the ARKA news agency. She also responded to the agency's question regarding the EBRD's assessment of the development of the Armenian ...
12/11/2024Armenia to receive $100m from World Bank for creation of tourism clusters
... Armenia Since the start of its operations in Armenia in 1992, the World Bank has provided the country with approximately $2.7 billion through the International Development Association, the International Bank for Reconstruction and Development and trust funds. Currently, the WB is financing 10 projects in Armenia with a total value of $500 million. The World Bank intends to continue to support Armenia's development towards poverty reduction and shared prosperity.-0-
12/10/2024Armenian central bank cuts refinancing rate to 7.00% for eighth time this year
... /ARKA/. At its meeting on December 10, the Board of the Central Bank of Armenia has lowered the refinancing rate by 0.25 percentage points to 7.00%. The Lombard repo rate has also been reduced to 8.50%, and the rate for local commercial banks to attract funds to 5.50%, the regulator's press service reports. This is the 13th consecutive reduction in the refinancing rate since June of last year, and the eighth since the beginning of this year. The previous cut was on October 29 when the rate was lowered ...
12/10/2024Construction volume in Armenia up 15.5% to 484.5 billion drams in 10 months
... last year. The volume of construction funded by the state budget for the first 10 months amounted to 109,375.4 million drams, or 22.5% of the total construction volume, reflecting a 19.5% increase. The volume of construction work financed by community funds amounted to 22,353.1 million drams (4.6% share, decline of 11.8%), by humanitarian aid funds – 3,745.2 million drams (0.8% share, decline of 5.4%), by organizations' funds – 236,735.5 million drams (48.9% share, growth of 3.9%), and by the population's ...
12/09/2024WB may assist Armenia in expanding tourism clusters in the country
... Armenia Since the start of its operations in Armenia in 1992, the World Bank has provided about $2.7 billion worth assistance to the country through the International Development Association, International Bank for Reconstruction and Development and trust funds. The WB is currently financing 10 projects in Armenia with a total value of $500 million. The World Bank is committed to continue to support Armenia's development towards poverty reduction and shared prosperity. -0-
12/06/2024Armenian Parliament ratifies €50 million loan from OPEC fund
... intended to cover the budget deficit. YEREVAN, December 6. /ARKA/. The Armenian parliament ratified a 50-million-euro loan agreement with the OPEC Fund for International Development on Thursday, intended to cover the budget deficit. The loan funds will be used to implement several reforms, including measures to improve energy efficiency in households and businesses, reforms to the education and healthcare systems, and social support for refugees from Nagorno-Karabakh. The loan repayment period ...
12/06/2024VTB (Armenia) expands the network of Privilege customer service zones
... more. "We launched a pilot zoning project in the bank's offices at the end of last year, prompted by high interest and desire of clients to receive individual services, maximum comfort and privacy. Thanks to the service, the portfolio of attracted funds, which is also shaped by wealthy clients, has grown by 14% over the past 4 quarters. Next year, we will continue to open dedicated zones in other offices of the bank,” commented Taras Kladchenko, Deputy CEO and Chairman of the Directorate of VTB ...
12/03/2024Hayastan Fund's annual telethon raises $13.6 million in donations
... Fund has raised donations and pledges worth over $13.6 million. Last year’s telethon raised $8.4 million, Director of the Fund Haykak Arshamyan said today. The 27th telethon under the slogan ‘For You, Armenia’ was held on 28 November. The raised funds will be used to finance a set of strategic projects in 2023-2025 such as reconstruction and construction of drinking and irrigation water systems in border communities, construction of community health centres, placement of solar stations in schools,...
11/29/2024Artsakh refugees outraged by Armenian government's decision to cut their aid
... them, which they use to pay for rent and utilities, Artsakh human rights defender Gegham Stepanyan said today. The decision defines the categories of people who will continue to receive assistance after April 2025. ‘This is a wrong approach, as these funds are provided to pay for housing and other expenses. The housing problem has not been settled, and in these conditions it is a very wrong decision to reduce the aid,’ Stepanyan noted in a conversation with journalists on Friday. The government ...
11/29/2024Profitability of Armenian pension funds reached 7.8% - Central Bank of Armenia
The profitability of Armenian pension funds is estimated at approximately 7.8%, Vigen Shahnazaryan, Head of the Securities Market Department of the Central Bank of Armenia, said in an interview with Public Television of Armenia. YEREVAN, November 28. /ARKA/. The profitability of Armenian ...
11/28/2024VTB Armenia reduces interest rates on small business loans
... from 10% to 17% per annum (effective rate: from 15.05% to 20.07%), depending on the loan amount and collateral. "At the end of the year, business activity in many sectors increases, and we have prepared a special offer for entrepreneurs who need funds to replenish working capital, repay loans, or implement investment projects. It is important for us to be of service to our clients and provide them with the necessary financial tools and solutions for further business growth," commented Evgeny ...
11/27/2024Pension fund assets in Armenia reach 1 trillion drams - Deputy Chairman of Central Bank
The assets in Armenia's pension funds have already reached 1 trillion drams, according to Armen Nurbekyan, Deputy Chairman of the Armenian Central Bank. YEREVAN, November 27. /ARKA/. The assets in Armenia's pension funds have already reached 1 trillion drams, according to Armen ...
11/27/2024Armenian 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 investments that Armenian pension ...
11/25/2024Armenia to grant Iranian company 2 billion dram loan for high-voltage power line completion
... Armenian government will issue a budget loan of 2.07 billion drams to the Iranian company ‘’Sunir’’, which is constructing a 400 kV power transmission line. The total project cost is 106.8 million euros. The government maintains that providing funds through a budget loan will enable the swift completion of the Armenia-Iran power transmission line This power transmission line will be the third between Armenia and Iran. Its operation will increase electricity transmission between the two countries ...
11/22/2024Unibank is the first bank in Armenia to issue subordinated bonds
... Secondary Equity Market”. Overall, Unibank placed 28 tranches of bonds worth about USD 70 million and carried out the listing procedure on the exchange. The Subordinated bonds prospectus (registered on 13.11.2024) is published on www.unibank.am . The funds received from the subordinated bonds issue are not guaranteed in accordance with the RA Law "On Guaranteeing Compensation for Bank Deposits of Individuals" before the occurrence of the compensation case specified in Article 5 of the given ...
11/21/2024Lights on Armenia's main Christmas Tree to be lit at Yerevan's Republic Square on December 8
... holding the lighting ceremony for the main Christmas tree, and installing New Year lights in various parts of the city. He reported that this year, a budget of 549.7 million drams is allocated for New Year's festive decorations in Yerevan. "The funds will be allocated for the New Year's festive decoration of the city, including the purchase of branches and other decorations for the country's main Christmas tree. In 2022-2023, approximately 590.9 million drams were spent, during which a large ...
11/20/2024Unibank offers simplified business lending without financial analysis of enterprises
... affordable business development loans at Unibank using a simplified procedure. YEREVAN, November 5. /ARKA/. Legal entities and individual entrepreneurs can apply for affordable business development loans at Unibank using a simplified procedure. The funds provided under the "Simplified" loan are available without conducting a financial and economic analysis of the business. The loan is available for a term of up to 120 months in Armenian drams (AMD) and US dollars. As part of a promotion ...
11/05/2024Armenia to attract $100 million from WB to create 10 tourism clusters - Minister
Armenia plans to secure credit funds from the World Bank for the creation of tourism clusters in the country, Armenian Minister of Economy Gevorg Papoyan said during budget discussions in parliament. YEREVAN, November 4. /ARKA/. Armenia plans to secure credit funds from the World ...
11/04/2024Online platform for data exchange between depository and notaries to be launched in Armenia.
... notaries to send requests to the Central Depository in order to receive information about the shares of securities and pension funds of the testator, as well as exchange data contained in the certificate of inheritance right. This arrangement was approved ... ... includes the maintenance of the register of pension fund participants. Since securities and pension fund shares are the property of citizens, notaries often turn to the CDA to process inheritance transactions. Previously, this process was paper-based and time-consuming ...
11/01/2024Introduction of universal health insurance system delayed in Armenia - Minister
... implementation of the system has not yet begun. During the discussion of the state budget for 2025, Hovhannisyan noted that some of the funds were redistributed to other programs. He reported that the state budget for 2025 takes into account the fact that the system ... ... voluntary, and from 2025, pensioners will be included at the expense of the state. By 2027, the system will be mandatory for all citizens. -0-
11/01/2024Armenian government’s Reserve Fund currently holds 50 billion drams
The Armenian government’s Reserve Fund currently holds 50 billion drams, and a decision has been made to refrain from spending these funds, according to Finance Minister Vahe Hovhannisyan. YEREVAN, October 30. /ARKA/. The Armenian government’s Reserve Fund currently holds 50 billion drams, and a decision has been made to refrain from spending these funds, according to Finance ...
10/30/2024Central Bank of Armenia lowers refinancing rate for seventh time this year
... October 29. /ARKA/. At its meeting on October 29, the Board of the Central Bank of Armenia reduced the refinancing rate by 0.25 percentage points, setting it at 7.25%. The Lombard repo rate has also been reduced to 8.75%, and the rate for attracting funds has been lowered to 5.75%, according to the regulator’s press service. This is the 12th consecutive reduction in the refinancing rate since June of last year and the seventh since the beginning of the current year.-0-
10/29/2024Acba Bank to channel $50 million into MSMEs development in Armenia (video)
... Development Finance Corporation (DFC), as a result of which $50 million lwill be allocated to support micro, small and medium enterprises (MSMEs) in Armenia and stimulate economic growth, the bank’s press service reported. No less than 50% of the funds will be provided to women-run enterprises to create special opportunities for their development. “This is the first time that DFC signs an agreement with an Armenian company, in particular with Acba Bank. We will direct the received resources ...
10/24/2024Hail nets will be installed in 270 settlements of Armenia with state co-financing - minister
... million will be allocated by the authorities,’ he said. In another decision, the government plans to finance a pilot programme envisaging the creation of gardens on the territories adjacent to houses and the installation of a modern irrigation system. Funds will be allocated to the Economy Ministry. Within the framework of the programme, contracts have already been signed with 91 beneficiaries to finance the creation of gardens and installation of irrigation system on 6945 hectares ($1 - 387.67 drams)....
10/24/2024EFSD to provide Armenia with $100 million loan to finance country's state budget deficit
... at a session on Thursday. YEREVAN, October 24. /ARKA/. The Armenian parliament approved the government’s blueprint to receive a $100 million loan from the Eurasian Fund for Stabilization and Development (EFSD) at a session on Thursday. The funds will be used to cover the country's budget deficit. When discussing the blueprint, Finance Minister Vahe Hovhannisyan said that the loan is provided for a period of 20 years with an annual interest rate of 4% with a 10-year grace period. According ...
10/24/2024Venture capital: the most exciting investments
... investing is investing in startups that are able to offer innovative products to the market. Most often such companies work in the field of modern technologies (artificial intelligence, genetic engineering, renewable energy). Startup founders cannot get funds from a bank. Having essentially only intellectual property, they are not considered reliable borrowers. Therefore, the only way to develop a project is to attract investment. Venture capital investments are associated with a special risk. Only a ...
10/22/2024Acba Bank places AMD and USD bonds with yields of 11 and 6 per cent respectively
... Application for purchase of AMD bonds - Application for acquisition of dollar bonds Application for legal entities to purchase bonds: - Application for purchase of AMD bonds - Application for purchase of dollar bonds According to Armenian legislation, funds raised through nominal bonds issued by the banks are considered guaranteed bank deposits. They are guaranteed by the Deposit Compensation Fund. Acba Bank is controlled by the Central Bank of Armenia. -0-
10/21/2024Over $1bn invested in Armenia's economy with Ameriabank's assistance - Ameriabank CEO
Funds equivalent to more than $1 billion have been attracted from international financial organisations for on-lending to the Armenian economy since the bank started its operations, Ameriabank CEO and Board Chairman Artak Hanesyan said. YEREVAN, 16 ...
10/16/2024The full batch of 171 new buses and 15 trolleybuses will be in Yerevan within two weeks - Mayor
Within two weeks, the entire batch of 171 new 8.5-meter buses and 15 trolleybuses purchased in 2024 with community funds will be in Yerevan, the capital's mayor Tigran Avinyan told journalists. YEREVAN, October 14. /ARKA/. Within two weeks, the entire batch of 171 new 8.5-meter buses and 15 trolleybuses purchased in 2024 with community funds will be in ...
10/14/2024Armenia not going to return its occupied territories by military means - Pashinyan
... billions of dollars in benefits to Armenia. In this context, he believes that Azerbaijan's concerns are twofold. On the one hand, he said, Azerbaijan seriously thinks that if Armenia has aggressive plans against it in a strategic perspective, these funds can be used against it, and on the other hand - if Azerbaijan has aggressive intentions against Armenia, these tens of billions can be used to increase Armenia's defence capabilities, which will create problems with the implementation of its aggressive ...
10/12/2024How to invest in shares and make profits: a guide from Unibank Invest
... important to learn - to read specialised literature, follow the news and assess risks. I realise that for many people this may seem boring or they simply don't have enough time for it. It is for such cases that there are ready-made solutions - investment funds, which are engaged in investing in companies, while the investor profits from their work. ARKA - And if one wants to engage in investing oneself, what factors should be taken into account when choosing a company? N. Gharibyan - When analysing ...
10/10/2024Blue chips: why to buy ‘elite’ shares
... volatility: speculation in the market has little impact on the price of blue chips. Accordingly, investing in them reduces the risk of portfolio drawdowns. - High liquidity: blue chips are easy to buy and sell because they are chosen by many investors and funds. - Dividends: Blue chip issuers are companies that have gained significant influence in their segment and have completed their growth phase. They consistently earn profits and send payments to shareholders. Cons of investing in blue chips - You ...
10/10/2024Ardshinbank started making international money transfers via UBPay system
... charge. Ardshinbank services transfers both offline, by visiting any of the 65 branches of Ardshinbank throughout the republic, and online, through the official website of the bank ( www.ardshinbank.am ) or through a mobile application. To transfer funds through the Ardshinbank mobile application there is need to enter the transfer code, the amount of the money and the currency of the transfer, then select the bank account or card to which the funds will be credited. In case the currency conversion ...
10/05/2024Quick access to 25 thousand investment instruments: Ameriabank's MyInvest platform at DigiTecExpo-24
... the MyInvest platform. She said the platform provides access to more than 25,000 instruments from 30 countries. ‘Any investor can find an instrument that matches their risk level. There are bonds, which are low-risk assets, and stocks and investment funds, which are riskier instruments,’ the co-director said. She emphasised that one of the advantages of the platform is that clients can trade in international markets on their working hours, even if the working day has already ended in Armenia. ...
10/04/2024Armenian government allocates 300 million drams to help victims of floods in Lori and Tavush
At a meeting on Thursday, the Armenian government decided to allocate additional funds to assist those affected by the floods in May of this year, redistributing budget expenditures by changing the format of the country's participation in the world exhibition "Expo Osaka Kansai Japan-2025". YEREVAN, October ...
10/03/2024UBPay money transfers became available in Unibank's mobile application
... as well as in cash at bank branches. To receive a transfer in the mobile application, it is necessary to enter the identification code, specify the transfer amount and currency: AMD or Russian rubles, then select the bank account or card to which the funds will be credited. International transfers are one of the most demanded services among clients, and it is extremely important for Unibank to offer clients the most favourable conditions and modern functionality. The Bank together with UBPay will ...
09/30/2024Amundi-Acba Asset Management success story: assets managed by the fund reached 517 billion drams in 10 years
... inception here ten years ago demonstrate success on the way of establishing Armenia's mandatory funded pension system, Executive Director of Amundi-Acba Asset Management Jean Mazedjian told a news conference on Tuesday. The company manages three pension funds -Amcon, Ambal, and Amfix. “Throughout these ten years, Amundi-Acba has overcome numerous challenges in promoting the transparency and development of Armenia’s asset management industry. The company has also made significant efforts to introduce ...
09/24/2024What is IPO and whether it is possible to make money on it
..., participants of the process and ways to get profit. Why companies benefit from an IPO The initial public offering of securities on the stock market is called IPO (Initial Public Offering). Such a step allows an entity to increase its capital with funds from investors and, accordingly, get an additional impetus for development. Also: - public trading increases the liquidity of the securities; - daily quotations help to evaluate the business and make comparisons with other issuers; - the circle ...
09/24/2024All old elevators in Yerevan must be replaced within 4 years – Tigran Avinyan
... addition, another 120 elevators are in the process of being unloaded from the manufacturing plant for subsequent shipment to Yerevan," informed Karoyan. As Avinyan noted, the program to upgrade 500 elevators is being implemented with community funds allocated thanks to the increase in its own revenues in 2024. According to him, another 2,150 old elevators are awaiting replacement. -0-
09/23/2024PSRC head: AMD 65bn underinvested in improving quality of electricity supply in Armenia
... for these purposes, which is almost two times (or 65 billion drams) less than planned. At the same time, considerably more funds were invested in connection of new subscribers to the power grid: 66.6 billion drams instead of the planned 28 billion drams.... ... PSRC, is to increase the cost of connection, as a result of which the expenses for this process are fully on the shoulders of citizens and entrepreneurs. Besides, 15.5 billion drams more than planned were spent on the commercial electricity metering system....
09/20/2024More than 1.9 billion drams allocated for the engineering city in Armenia
... drams through budget redistribution for the construction of the engineering city. According to Minister of High-Tech Industry Mkhitar Hayrapetyan, this decision was made due to the expiration of the loan agreement with the World Bank. The allocated funds are needed to finance the work carried out after May 31, 2024. He said that 1.8 billion drams of this amount will be directed to the construction of the business accelerator building, finishing and infrastructure work. Hayrapetyan also reported ...
09/19/2024Owners of cars damaged by floods in Lori and Tavush will receive 122.4 million drams
... during the floods in the Lori and Tavush regions. The corresponding decision was made at a government meeting on Thursday. For Lori region, where 161 cars were damaged, 91.1 million drams will be allocated, and for Tavush region - 31.2 million drams. The funds will go to compensate the owners of 30 cars. Consequences of the flood An emergency situation developed in Tavush and Lori due to the heavy rains that fell on May 25-26, as well as the flooding of the Debed, Aghstev and Tashir rivers. The natural ...
09/19/2024French Foreign Minister visited Vedi reservoir, built in Armenia with funds from French Development Agency
French Minister for Europe and Foreign Affairs Stéphane Sejourné and Armenian Foreign Minister Ararat Mirzoyan visited on Sunday the Vedi reservoir, which is being built with a loan from the French Development Agency and co-financed by the Armenian Government, reported the press service of the Armenian Foreign Ministry. YEREVAN, September 16 /ARKA/. French Minister for Europe and Foreign Affairs Stéphane Sejourné and Armenian Foreign Minister Ararat Mirzoyan visited on Sunday the Vedi reservoir...
09/16/2024Analysing the company: a guide for the investor
... immense, which, on the one hand, complicates the choice, but on the other hand, provides many opportunities. At this point, it is important to rely on your attitudes and, at the same time, not to overestimate the available resources - knowledge, time and funds. Try to act in two directions - consult with professionals and conduct independent analyses. This article explains how investors can research the market and find a company that matches their plans and objectives. Issuer's activities You should ...
09/12/2024USAID to provide Armenia with additional $130 Million for governance reforms
... The United States Agency for International Development (USAID) will allocate an additional $130 million to Armenia aimed at enhancing the efficiency of its public administration. The agreement was approved at a government session on Thursday. The new funds are intended to strengthen democratic values and ensure economic stability in Armenia. This initiative will focus on institutionalizing effective and accountable governance, particularly in the economic sector, promoting civic engagement in democratic ...
09/05/2024Yerevan power system re-equipment programme estimated at AMD 6.3 bln - ENA General Director
... Electrical Networks of Armenia (ENA) is implementing a project worth AMD 6.3 billion aimed at technical re-equipment and modernisation of Yerevan's energy system, ENA General Director Karen Harutyunyan told a press conference. According to him, the funds will be used to replace cables between 11 substations, reconstruct all transformer substations and replace them with new, more modern two-transformer substations, as well as lay about 42,000 metres of new cables. Harutyunyan said that the replacement ...
09/04/2024Saving a large amount of money: mission achievable
... YEREVAN, 4 September. /ARKA/. To carry out large- scale plans - from a dream holiday to an important purchase - we often need to invest not only energy but also a large amount of money that is not readily available. The well-known and natural way to get funds is savings. The principle ‘save, and after a while you will have the required amount’ seems to be basic and understandable. However, it is not so easy to make a clear plan and follow it in practice. This article offers a set of recommendations ...
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