EBRD Provides A $5.5 Mln Loan To "Elite Group"

EBRD PROVIDES A $5.5MLN LOAN TO "ELITE GROUP"

AZG Armenian Daily
02/07/2009

Economy

The European Bank for Reconstruction and Development (EBRD) provided
Armenian developer "Elite Group" CJSC with a loan of $5.5mln and
a grant of ~@130 thousands to encourage "Elite Group" company’s
innovations in the sphere of energy conservation.

The loan agreement was signed by the Head of EBRD Yerevan Office
Valeri Razlog and General Director of "Elite Group" Armen Mkoyan in
Yerevan today.

Armenian Prime Minister Tigran Sargsian stated that "Elite Group"
is one of the best developers in the country, reminding that the
government provided the company with state guarantees for completing
the construction of started objects.

The Prime Minister expressed hope that confidence of the government
and international financial structures in developers will become a
stimulus for investments in the construction sphere of Armenia by
the private sector.

EBRD Regional Director Paul-Henri Forestier noted that by this loan
EBRD "assists not only the "Elite Group," but also the entire Armenian
economy", Public Radio reports.

From: Emil Lazarian | Ararat NewsPress

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS