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Armenian prosecutor general to confiscate 1.7 billion drams and property from ex-accounts chamber head
... Artavaz and Artashat, as well as one vehicle. The total value of these assets is estimated at 628 million drams. Additionally, the Prosecutor General's Office plans to seize real estate in 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.
12/18/2024Armenian Economy Minister shares plans to develop Amulsar gold mine after EDB withdraws from the project
... Understanding, according to which the parties were to attract about $150 million and another $100 million outside the framework of this document for the development of the Amulsar mine. According to the memorandum, the EDB was to provide a $100 million loan and another $50 million were to be provided by a local bank. Earlier this month EDB Board Chairman Nikolai Podguzov said that the bank was ready to participate in the project, but the application for financing the project was declined. Earlier, Gevorg ...
12/12/2024Converse Bank and IFC join forces to support the growth of SMEs in Armenia
... International Finance Corporation (IFC) are collaborating to enhance access to finance for small and medium-sized enterprises in Armenia. As part of this partnership, IFC will provide an unfunded risk sharing facility that covers 50% of the credit risk on a loan portfolio of US$ 10 million equivalent, enabling Converse Bank to expand its lending capabilities to SMEs. Converse Bank is among first financial institutions in Armenia to partner with IFC in implementing this innovative risk-sharing instrument....
12/11/2024EBRD and EU, together with Galt & Taggart and Ameria Management Advisory launch a programme to support the Armenian capital market
... important priorities. “There are many problems in the Armenian capital market at the moment. First and foremost, I would like to highlight the issue of insufficient information and the lack of a proper culture. Traditionally, the banking system and loan-based financing have dominated in Armenia," Mikaelyan said, responding to a question from the ARKA news agency about the main obstacles hindering the development of the capital market in Armenia. According to him, it will take time for businesses ...
12/11/2024Armenian Parliament ratifies €50 million loan from OPEC fund
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. YEREVAN, December 6. /ARKA/. The Armenian parliament ratified a 50-million-euro loan agreement with the OPEC Fund for International ...
12/06/2024Armenian Parliament approves $200 million loan agreement with EFSD for Kajaran tunnel construction
On Wednesday, the Armenian parliament approved a $200 million loan agreement with the Eurasian Fund for Stabilization and Development (EFSD) for the construction of the Kajaran road tunnel in the Syunik region of Armenia. YEREVAN, December 4. /ARKA/. On Wednesday, the Armenian parliament approved a $200 million ...
12/04/2024VTB (Armenia) expands the network of Privilege customer service zones
... branches - two in Yerevan, as well as in Vanadzor, Artashat, Abovyan and Kapan, the bank's press service reported. For owners of the Privilege package, the bank's branches have a dedicated area where they can perform all banking operations: apply for a loan or deposit, open an account or card, set up online services and 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 ...
12/03/2024Ameriabank Named Armenia’s Best Bank for Real Estate by Euromoney
... sector through technological advances and sustainability initiatives. According to Euromoney, Ameriabank achieved notable growth in its real estate business in Armenia during the review period from June 2023 to June 2024. The bank’s gross mortgage loan portfolio grew by 25.3% to AMD 233.2 billion (US$600 million), capturing a 21.3% share of the Armenian mortgage market as of June 2024. The publication highlights that this success is closely tied to the growth of MyHome.am , the digital mortgage ...
11/29/2024VTB Armenia reduces interest rates on small business loans
VTB Bank (Armenia) has lowered interest rates on loans for small businesses to 3% per annum for the first 90 days. YEREVAN, November 27. /ARKA/. VTB Bank (Armenia) has lowered interest rates on loans for small businesses to 3% per annum for the first 90 days. The terms are available through the ...
11/27/2024EBRD to announce 44 million euro financing package for refugees in Armenia
... is more, the centre will be built to international energy efficiency standards and be one of the country’s first public structures to qualify as a “green building”. For the construction of this center in Syunik, the EBRD provided Armenia with a loan of 10 million euros and a grant of 2 million euros from the Special Shareholders Fund (SSF) to co-finance the project. The EBRD is one of the leading institutional investors in Armenia. During its operation in Armenia, it has invested 2.4 billion ...
11/26/2024Armenian Parliament considers transforming EFSD into independent structure
... the EDB is engaged largely in financing private projects, while the EFSD in ensuring the financial stability of the region. The total investments in the charter capital of the fund stands at $8.513bn, of which $1m is Armenia's share, while EFSD’s loan portfolio in Armenia makes $840m, of which $540m is allocated for 10 projects being implemented. In particular, a $300 million loan has been allocated to support the state budget, and another $100 million will be allocated additionally. Besides, ...
11/25/2024Armenia to grant Iranian company 2 billion dram loan for high-voltage power line completion
The 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. YEREVAN, November 22. /ARKA/. The Armenian government will issue a budget loan of 2.07 billion drams to the Iranian company ...
11/22/2024Armenia's banking sector may reach net profit of $1bn in 2025 - UBA
... within the Framework of Cooperation with European banks.’ Various factors are contributing to this growth, Melikyan said, including strategic investments in IT infrastructure, which the banks have been implementing since 2016-2017. ‘In addition, the loan portfolio has doubled over the past five years, which has increased the banks‘ interest income,’ he said. Among other factors, the deputy chairman pointed to the 7.8 per cent growth of the economy (in 2019), as well as the positive impact of ...
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 ...
11/07/2024Development of 360-meter tunnel and road infrastructure concreting begins on Armenia's ‘’North-South’’ route
... North-South road section from Agarak to Kajaran (phase 4). The implementation of the project is on schedule. A mission of the Eurasian Fund for Stabilisation and Development (EFSD) staff in Armenia visited the road section. The EFSD has allocated a loan of 150 million US dollars for the construction of this section. The project involves the construction of 32 kilometres of roadbed, two tunnels (360 and 520 metres) and 17 bridges, one of which is over 720 metres long. The total amount of the EFSR ...
11/07/2024Armenia to take a $200 million loan from EFSD for construction of Kajaran tunnel
The parliamentary standing committee on financial and budgetary issues approved today the ratification of a $200 million loan agreement between Armenia and the Eurasian Fund for Stabilization and Development (EFSD) by the parliament for building the Kajaran tunnel near the border with Iran. YEREVAN, November 6. /ARKA/. The parliamentary standing committee on ...
11/06/2024Unibank offers simplified business lending without financial analysis of enterprises
Legal entities and individual entrepreneurs can apply for 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" ...
11/05/2024Armenia to attract $100 million from WB to create 10 tourism clusters - Minister
... /ARKA/. 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. ‘With the WB, we are under a big five-year loan agreement to take $100 million and extend it to 10 tourism clusters in Armenia's provinces,’ he said at budget discussions in parliament. According to Papoyan, this specifically concerns the communities of Goris, Yeghegis, Areni, Jermuk, Aparan,...
11/04/2024Mining at Amulsar gold deposit expected to be launched in late 2025 - Papoyan
... taken. Under a MoU, signed in February 2023 by the government, the Eurasian Development Bank (EDB), and Lydian Armenia the parties pledged to attract approximately $150 million for the development of the Amulsar gold deposit. The EDB is to provide a loan of $100 million, and a local bank is expected to allocate another $50 million. The Armenian government is to own 12.5% of the company and provide insurance for the transaction against certain risks. Neighboring communities are to receive $7 million ...
11/01/2024Ameriabank's exclusive offers: MyHome platform and preferential loans
... presents 133 housing projects of 70 developers with more than 3,700 flats. Starting this year, the platform is offering also more than 1,000 secondary market flats from 31 brokers. Visitors to the exhibition will receive a special offer for an online loan for the purchase of housing on the primary market at 12.5% per annum (instead of 13%). Liana Aghayan, head of the mortgage lending products team, told reporters that TOON EXPO is the most important event of the year, which has brought together all ...
10/25/2024Buying a home has never been easier: Ameriabank presents MyHome ecosystem at TOON EXPO 2024
... 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 provide additional ...
10/25/2024Ameriabank leads Armenia's mortgage market with 22% share and a portfolio of over AMD 285bn
Ameriabank has been the leading bank in Armenia in recent years in terms of mortgage loan portfolio holding 22 per cent of the market, Ameriabank's Head of Long-Term Banking Services Vahram Gevorgyan told reporters on Friday. YEREVAN, 25 October. /ARKA/. Ameriabank has been the leading bank in Armenia ...
10/25/2024EFSD to provide Armenia with $100 million loan to finance country's state budget deficit
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. YEREVAN, October 24. /ARKA/. The Armenian parliament approved the government’s blueprint to receive a $100 million loan from the Eurasian Fund ...
10/24/2024US DFC corporation to help develop capital market in Armenia
... International Development Finance Corporation (DFC) is a development finance institution and agency of the USA government. DFC invests in development projects primarily in lower and middle-income countries. DFC's lending capacity is used to provide loans, loan guarantees, direct equity investments, and political risk insurance for private-sector led development projects, feasibility studies, and technical assistance. [ DFC invests across several sectors including energy, healthcare, critical infrastructure,...
10/23/2024Ameriabank presents MyBusiness.am online platform at Real Business Conference
....am platform, Karamyan noted that thanks to it the clients don't need to visit the bank and they can receive all services online. In his opinion, this is one of the reasons why the SME customer base has expanded about 6 times in recent years, and the loan portfolio has grown about 4 times. In turn, the head of MyBusiness.am digital platform Arpine Harutyunyan noted that the platform is unique in the market in terms of services offered for businesses, including the service of identifying customer ...
10/19/2024Ameriabank to allocate AMD 100 million for investment and financing of students' projects
... account with Ameriabank, ordering a card, logging in to MyAmeria, making transactions via MyAmeria, making a payment via MyPay, making a transaction on MyInvest platform and inviting friends to become Ameriabank's clients, getting a mortgage and car loan via online platforms, as well as opening an account on Ameria Business platform. The more promo codes a customer accumulates, the more likely they are to win a home. ‘My Ameria, My Future.’ Within the framework of the third initiative, Ameriabank ...
10/16/2024Over $1bn invested in Armenia's economy with Ameriabank's assistance - Ameriabank CEO
... Ameriabank CEO and Board Chairman Artak Hanesyan said. ‘More than AMD 500 billion of financing was allocated for the development of small and medium-sized businesses,’ Hanesyan specified. He noted that Ameriabank has been the leader in terms of loan portfolio size for the tenth consecutive year, which totalled AMD 1 trillion 130 billion by the end of the third quarter of 2024. According to him, during the last 5 years Ameriabank has been one of the largest taxpayers in Armenia, having paid AMD ...
10/16/2024EBRD, EU partner with ACBA LEASING to support Armenian firms
... 16. /ARKA/. Micro, small and medium-sized enterprises (MSMEs) in Armenia are to benefit from new funding from the European Bank for Reconstruction and Development (EBRD) and the European Union (EU), made available through ACBA LEASING. The EBRD loan of US$ 5 million (€4.6 million) is complemented by the EU with grant incentives of up to 12.5 per cent of each individual loan to MSMEs and free local and international consultancy services, both funded under the EU4Business initiative. This ...
10/16/2024More than 1.9 billion drams allocated for the engineering city in Armenia
... Armenian government decided to allocate 1.940 billion 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 ...
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 ...
09/16/2024Armenian government approves $40m energy transition loan agreement with World Bank
The Armenian government has approved a $40 million loan agreement with the International Bank for Reconstruction and Development (IBRD) YEREVAN, September 12. /ARKA/. The Armenian government has approved a $40 million loan agreement with the International Bank for Reconstruction and Development ...
09/12/2024Modernization of Meghri border checkpoint discussed at Armenia's State Revenue Committee
... participants visited the site at the border between Armenia and Iran to assess the current state of the project, meeting with contractors, supervising engineers, and local authorities. The Meghri checkpoint modernization project, funded through a government loan program with the EBRD, is expected to be completed by 2026 and is being implemented by Iranian contractor Tana Energy Management. The €18.5 million project will feature a two-story administrative building of 4,000 square meters with solar panels ...
09/10/2024Unibank opens renovated branch in Ashtarak
... customer service. The updated and modern office is designed to provide more efficient and enhanced service to clients. The branch is also equipped with a payment terminal, allowing customers to independently manage tasks such as account replenishment, loan repayments, and utility payments.
08/27/2024Harmful tips for novice investors, or how to stay out of earnings for sure
... pay off later Investing when you have no money to spare is too risky and impractical. If you manage to make a profit right away - which is also not guaranteed - you will have to pay commissions to brokers and managers, repay your debt or repay your loan. Even an effective strategy does not exclude short-term drawdowns. So, in case of market losses, you risk finding yourself in a debt trap. More trades - more profits The over-motivated novice investor follows the belief ‘the more active you are,...
08/27/2024Armenia launches unified e-ticket system for museums
... Science, Culture, and Sports, Zhanna Andreasyan, on Friday. The exhibition, set to open at the History Museum of Armenia in Yerevan on September 21, 2024, will feature a range of artifacts, including a bronze bust and hand of the goddess Anahit, on loan from the British Museum. The exhibition will showcase the History Museum of Armenia's collection related to the Mother of God, spanning from ancient times to Christianity and the present day. "It is no coincidence that we are launching this ...
08/23/2024Armenian government approves $200m loan for Kajaran Tunnel construction
The construction is expected to take about six years to complete. YEREVAN, August 15. /ARKA/. The Armenian government has approved a $200 million loan agreement with the Eurasian Fund for Stabilization and Development (EFSD) for the construction of the Kajaran Tunnel in the Syunik province on Thursday. The project aims to enhance the capacity for transit transportation and reduce accidents along ...
08/15/2024Georgia to build a motorway to Armenia worth 250 million euros
... Rustavi-Sadakhlo motorway to the border with Armenia, Novosti-Georgia news agency reported citing the order of the Minister of Economy, published in the parliament gazette. The project is financed by the European Investment Bank within the framework of the loan agreement for the East-West road project. The new highway, which will run parallel to the existing road, will be four-lane and its length will be about 30 kilometres, including 11 bridges and crossings. The construction is estimated to cost 250 million ...
08/12/2024Armenian-American company to invest $70 million in smelter
... region, the Economy Ministry said. "About 300 new jobs will be created. The plant will specialise in the production of ferrous metals, including rebar and pipes," the ministry said. Earlier, the Armenian government decided to grant GTB Steel a loan of AMD 3.5 billion with an interest rate of 8% per annum and a repayment period of 4 years. A territory with a total area of 89,100 square metres was allocated for launching production in Ararat. The annual turnover of the enterprise will make $200-250 ...
08/09/2024Armenia to receive €75m loan from French Development Agency
The Armenian government on Thursday approved a 75 million euro loan agreement with the French Development Agency. YEREVAN, 8 August. /ARKA/. The Armenian government on Thursday approved a 75 million euro loan agreement with the French Development Agency. Finance Minister Vahe Hovhannisyan said the loan will be ...
08/08/2024EIB Global signs first direct loan agreement with Armenian Acba bank
... lending Armenia-based Acba bank €55 million to expand financing for micro, small and medium-sized enterprises (MSMEs) as well as mid-caps in the country. The transaction is EIB Global’s first direct credit line to a commercial bank in Armenia. The loan builds on the strengthened commitment of EIB Global to support economic development and stimulate private-sector growth and job creation in Armenia. EIB Global’s financing will be channelled by Acba bank at affordable rates to the local private ...
07/31/2024Acba Bank promotes energy efficiency in Armenia
... Cooperation of German Savings Banks. This year, Acba Bank was recognized as the best in Armenia in terms of ESG (environmental, social and governance) standards by the financial magazine Euromoney, taking into account the steady growth of the bank's loan portfolio and its growing share in the ESG system. Taking into account the best international practices, Acba has developed and will soon implement its own procedures for issuing "green" loans, through which the criteria for "green" ...
07/31/2024Ameriabank honoured with three Euromoney Awards for Excellence in 2024: Best Bank, Best Digital Bank and Best Bank for SMEs in Armenia
... year-on-year. The online business platform, as well as the innovative mortgage and auto lending ecosystems based on advanced scoring systems, provide a fully digital experience for customers, which has led to significant growth and stability in the loan portfolio in each of these areas. ‘We are honoured to receive the awards that validate our efforts and the results achieved, as recognised by the Euromoney jury. Developing digital solutions and supporting SMEs are key priorities for us and we ...
07/25/2024Armenian government approves construction of first sanitary landfill
... total project cost of €11 million YEREVAN, July 25. /ARKA/. The Armenian government has approved the construction of the country's first sanitary landfill, with a total project cost of €11 million. The financing will include €5.5 million as a loan and €5.5 million as a grant. The landfill will be part of the "Solid Waste Management" program in Armenia. The project includes the completion of a new landfill in Hrazdan and the construction of waste processing stations in the communities of Martuni and Akunk. Additionally,...
07/25/2024EFSD to provide $100m loan to Armenia as budget support
The Armenian government on Thursday approved a draft agreement on a $100 million loan from the Eurasian Fund for Stabilisation and Development (EFSD) to cover the budget deficit in 2024. YEREVAN, 25 July. /ARKA/. The Armenian government on Thursday approved a draft agreement on a $100 million loan from the Eurasian Fund for Stabilisation ...
07/25/2024Top 5 areas for investment in 2024
... area of investment. 3. Fintech The market segment includes companies engaged in the development and application of technologies in the financial sector. These include digital payments, automated account management, and peer-to-peer lending, which is a loan origination service in which lenders are not only banks but also individuals. Financial technologies help manage risk and uncover fraudulent schemes, improve fund transfer systems and speed up business operations. This increases customer confidence ...
07/25/2024Euromoney recognises Acba Bank as the best bank in Armenia according to ESG criteria
... magazine Euromoney has recognised Acba Bank as ‘Armenia's best bank according to ESG (Environmental, Social and Governance) criteria’. Euromoney has recognised Acba Bank as the best ESG bank in Armenia, taking into account the stable growth of its loan portfolio and the increase of its share in ESG, the implementation of relevant educational programmes in the bank and in the society, as well as the development of ESG policy in the bank's strategy. Taking into account the best international practices,...
07/23/2024Armenian government approves €102m healthcare loan agreement with IBRD
The Armenian government approved a loan agreement with the International Bank for Reconstruction and Development (IBRD) to implement a nationwide healthcare services program valued at €102 million YEREVAN, July 18. /ARKA/. The Armenian government approved a loan agreement with the ...
07/18/2024Armenia’s anti-corruption court orders to confiscate around AMD 1.3 bn, property from family of Gagik Tsarukyan
... country’s richest people, the court reported on Tuesday. Karapet Guloyan, Tsarukyan’s son-in-law and the former mayor of Abovyan, and his wife Roza Tsarukyan will lose real estate in Arinj and Tsaghkadzor, 2.000 shares in Acba Bank, $264.000 worth of loan, and over 1.286 billion drams. The court order may be appealed within 30 days.
07/02/2024Moody's Ratings affirms ratings of Unibank with positive outlook on long-term deposit ratings
... (CR Assessments). The affirmation of the bank's BCA and Adjusted BCA at b3 and the long-term bank deposit ratings at B2, as well as the change of outlook on the long-term bank deposit ratings to positive from stable, reflect improved quality of the loan portfolio and profitability recently as well as expected further improvement of the bank's standalone credit profile in the next 12-18 months.
07/01/2024Armenia to loan $110m from World Bank to cover healthcare expenditures
The World Bank has approved a loan of $110 million to help Armenia provide healthcare services to its citizens, the press service for the Armenian office of the World Bank revealed on Monday. YEREVAN, July 1. /ARKA/. The World Bank has approved a loan of $110 million to help Armenia ...
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