EBRD LENDS $9.3 MILLION TO ARMENIA’S SHEN HOLDING
YEREVAN, December 16. /ARKA/. The EBRD is lending US$ 9.3 million
to Shen Holding, one of the largest and leading building materials
manufacturer and gypsum mine operator in Armenia and a long standing
EBRD client, the EBRD press office reported on Tuesday.
The proceeds of the loan will fund the construction of a new gypsum
plaster production plant producing higher quality plasters with higher
energy efficiency and isolation characteristics.
the press release says.
According to the press release, HSBC Bank Armenia cjsc also provides
parallel funding to Shen Holding, co-invested in purchase of energy
efficient equipment.
“Supporting private businesses is one of the EBRD’s key priorities
in Armenia. Shen Holding has been a longstanding partner of our
Bank for 10 years. We are pleased to help the company in its drive
to expand the range of its high quality products,” said Mark Davis,
Head of the EBRD office in Yerevan.
Founded in 1995, Shen Holding has been growing dynamically into
the leading building materials producer in Armenia. The company’s
products such as dry mixtures, paints, lacquers and concrete blocks
are produced using locally sourced raw materials, offering a good
quality alternative to more expensive imported products.
The EBRD is one of the largest investors in Armenia. Since the
beginning of its operations in the country in 1992, the Bank has
invested over EURO 650 million in 133 projects in the financial,
corporate, energy and infrastructure sectors, with 87 per cent of
investments in the private sector. —0—–
From: Emil Lazarian | Ararat NewsPress
Disclaimer: This article was contributed and translated into English by Emil Lazarian. While we strive for quality, the views and accuracy of the content remain the responsibility of the contributor. Please verify all facts independently before reposting or citing.
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