EXHIBITION OF YOUNG ARTISTS "ME AND THE SPACE" TO OPEN IN BYURAKAN
/PanARMENIAN.Net/
18.06.2009 20:58 GMT+04:00
/PanARMENIAN.Net/ 300 young artists will take part in the exhibition
"Me and the space" in Byurakan on June 19. The exhibition is organized
by the RA culture ministry and Byurakan observatory in the framework
International Space Year of UNESCO.
Artists and astronomers will choose the best works, which will exposed
at the international young artists’ competitions.
WORLD BANK’S REPORT ON OBSERVANCE OF STANDARDS AND CODES, ACCOUNTING AND AUDIT PRESENTED IN YEREVAN
Noyan Tapan
June 17, 2009
YEREVAN, JUNE 17, NOYAN TAPAN. The presentation of the World Bank’s
Report on the Observance of Standards and Codes, Accounting and Audit
took place in Yerevan on June 17. The report contains information on
the requirements and practice of accounting and audit in the sphere
of entrepreneurial and financial activities.
Head of the WB Yerevan Office Aristomene Varudakis expressed a hope
that the report will enable to improve corporate accounting and
audit in Armenia as they represent an essential precondition for
developing the country’s economy. In his words, corporate financial
transparency is also of importance to the private sector because it
provides investors with an opportunity to properly assess the corporate
prospects of companies, raise investors’ trust in private companies and
to increase accessibility of credits to small and medium enterprises.
RA Minister of Finance Tigran Davtian underlined that accounting
and audit are one of the most important sectors of the financial and
economic system.
He said that thanks to cooperation with the World Bank and other
international organizations, reforms aimed at bringing the sector into
line with international standards are being carried out in Armenia.
PRESIDENT OF ARMENIA DISSATISFIED WITH PASSIVITY OF ARMENIAN COMMUNITY OF SYRIA IN ECONOMY AND INVESTMENT
ArmInfo
2009-06-17 21:04:00
ArmInfo. The friendship and mutual respect of the Armenian and Syrian
nations proves that inter-religious and inter-cultural dialogue in
the region and worldwide is possible, President of Armenia Serzh
Sargsyan said during his joint press-conference with President of
Syria Bashar al-Assad.
THis is an example of how people should live in peace and cooperate
in trade and economy. Sargsyan pointed out the big role of the
Armenian community of Syrian in the development of Armenian-Syrian
relations. In politics and culture they are quite active but in
economy and investment they are not.
There is big potential and we must use it for the benefit of our
nations, Sargsyan said.
ELECTRIC NETWORKS OF ARMENIA TO RECEIVE 64.5 MILLION EURO FROM EBRD AND VNESHECONOMBANK
ARKA
June 17, 2009
YEREVAN, June 17. /ARKA/. European Bank for Reconstruction and
Development and the State Corporation the Bank of Development and
Foreign Economic Affairs (Vnesheconombank) will lend â~B¬ 64.5 million
to Electric Networks of Armenia.
Nadifa Farshad, EBRD director on energy affairs; Pyotr Fradkov,
deputy chairman of Vnesheconombank, and Valery Ovsyannikov, general
director and chairman of VTB Bank (Armenia) directorial board, signed
a relevant agreement on Wednesday.
The project implying modernization and rehabilitation of Armenia’s
electric grid will be financed through VTB Bank (Armenia). The money
will be lent for ten years at floating interest, which will be decided
at every stage of the project.
The program implies enhancement of electric power usage effectiveness.
The program also aims to lessen losses in electric networks and
intensify integration of CIS countries’ grids.
Under the signed agreement, EBRD will transfer â~B¬42 million
and Vnesheconombank â~B¬22.5 million to Electric Networks of
Armenia. Besides, another agreement was signed between creditors –
EBRD and Vnesheconombank – for regulating relations between them in
this project.
The money will be spent for financing Armenian Electric Networks’
investment program aimed at re-equipment and reconstruction of
infrastructures.
Fradkov stressed the importan ce of the deal."The transaction is
very important, since we have worked out an up-to-date and effective
mechanism for financing long-term and infrastructural projects in so
complicated financial situation", he said.
Expressing hope for success, Fradkov said that the gained experience
will be used in the future.
In his words, Vnesheconombank attaches special importance to the
project, since this is the first deal in Armenia.
Nadifa Farshad, the EBRD representative, stressed the importance
of the agreement as well saying this is the first transaction in
Armenia’s energy sector and the region and the first experience of
cooperation with INTER RAO UES and Vnesheconombank in the region.
She said that the credit is to be extended without state guarantees.
Farshad expressed hope that the deal would lay groundwork for long-term
cooperation with the bank’s partners in the region and improve energy
supply to consumers in Armenia.
European Bank for Reconstruction and Development is the investment
mechanism created by 60 countries and two international organizations
in 1991 for supporting market economy and democracy in 27 countries
from the Central Europe to the Central Asia.
The EBRD has invested â~B¬125 million in Armenia’s economy since 1992.
The bank is the largest investor to Armenia. Vnesheconombank was
established in 2007.
The bank focuses its activity on removal of infrastructural obstacles
to growth, modernization and development of non-materials, promotion
of innovations and support for small and mid-scale businesses.
Electric Networks of Armenia is the sole distributor of electric
energy to all consumers in Armenia.
The company has 323 substations, serves 830,000 users and the largest
employer in Armenia.
The company’s sales totaled â~B¬186 million and investments â~B¬29
million in 2008.The company is a subsidiary of Russian INTER RAO
UES.
RURAL ROAD CONSTRUCTION PROGRAM TO BE CONTINUED IN ARMENIA
ARKA
June 17, 2009
YEREVAN, June 17. /ARKA/. The financing of rural road construction,
one of the components of the Millennium Challenges Corporation’s
program in Armenia, will be continued, RA Prime Minister TigranSargsyan
told reporters.
"We are currently negotiating with the World Bank and with the Asian
Development Bank and have reached an agreement on a large credit,
with some of the funds to be directed to rural road construction in
Armenia," the Premier said.
The US Millennium Challenges Corporation launched its program in
Armenia on September 29, 2006. Under the program Armenia is to receive
US $235.65mln for rural infrastructure development.
The US Millennium Challenges Corporation had discontinued the
funding of the rural road construction program. The reason advanced
by the corporation was that the Armenian authorities did not meet
the democratic government standards. However, the decision did not
apply to other programs.
A total of US $64mln were intended for rural road construction. The
Government allocated US $16.8mln for the first stage of the program.
WB VOWS TO RAISE CORPORATE MANAGEMENT TRANSPARENCY IN ARMENIA
ARKA
June 17, 2009
YEREVAN, June 17. /ARKA/. The World Bank stands ready to help Armenia
boost corporate management transparency, Head of the WV Yerevan Office
Aristomene Varoudakis was quoted as saying at the Wednesday conference
on accounting and auditing rules.
The bank has completed working on the accounting and auditing standards
report in Armenia by collaborating with the RA government in gathering
information.
Varoudakis expressed a hope that the report would add more transparency
to corporate management in Armenia. He stressed the importance
of effective and transparent corporate management in fostering
small-to-medium-sized businesses and ensuring economic stability.
According to Varoudakis, effective accounting and auditing enable
investors to assess business prospects, increasing the trustworthiness
of the country.
He stressed that Armenia could attract more investments from the
Diaspora with the help of transparent accounting and auditing, as well
as fight corruption, bringing to minimum the intercourse between tax
agents and private enterprises.
A conference on accounting and auditing rules opened today in Yerevan
ion the initiative of the RA Ministry of Finance and the WB Yerevan
Office.
During the event, the World Bank will submit a report on accounting
and auditing standards in Armenia.
ARMENIAN COMMUNITY IN SYRIA OCCUPIES AN APPROPRIATE PLACE IN THE COUNTRY
/PanARMENIAN.Net/
17.06.2009 18:38 GMT+04:00
/PanARMENIAN.Net/ Armenian and Syrian people have passed a long
historical way together, preserving their culture and kind relations,
RA President Serzh Sargsyan told at a joint conference with Syrian
President Bashar Al-Asad. RA President reminded about the words
of deceased President Hafez Asad, who visited Armenia 30 years ago,
"Armenia is a second native land to Syria". "I’m assured that Armenian
Community in Syria occupies an appropriate place in the country,"
Sargsyan said.
RA President noted that after independence was announced in Armenia,
Armenian-Syrian relations rose to a new level. "Strengthening and
development of relations with Middle Eastern countries is one of the
main priorities in external policy of the state. We have a tangible
ground for trade and economic collaboration development. We agreed
on collaboration in transportation sphere, specifically, creation of
land roads between Armenia and Syria," said Sargsyan.
"Armenian – Syrian relations have stood the test of time. Armenian
Community in Syria takes active participation in social and political
life of the country. Syria can offer serious support in normalization
of Armenian-Turkish relations, as we’re in friendly relations both
with Armenia and Turkey," Al Asad said in his turn.
WASHINGTON NEEDS TO ESTABLISH DIALOGUE WITH TEHRAN
/PanARMENIAN.Net/
17.06.2009 19:18 GMT+04:00
/PanARMENIAN.Net/ Today, Washington rather than Iran appears to
be more interested in establishing a dialogue with Tehran, Iranian
Studies Specailist Sevak Sarukhanyan, deputy director of "Noravank"
foundation, told today a news conference. "United States which never
missed the chance to criticize democracy situation in Iran now feels
at ease to make such statements, whereas big towns face mass clashes
and there are already victims," the expert stressed.
United States reaction, according to the expert, can be accounted for
by the realization of the fact that Washington will not be able to
resolve key issues (including those of Afghanistan and Iraq) without
a dialogue with Tehran. "Iranian partisan forces are actively working
in Iraq. This concerns United States, especially considering that
American forces are to leave Iran in August 2010," Sarukhanyan noted
ASIAN DEVELOPMENT BANK TO FUND MUNICIPAL TRANSPORT INFRASTRUCTURE DEVELOPMENT PROGRAM
/PanARMENIAN.Net/
17.06.2009 20:51 GMT+04:00
/PanARMENIAN.Net/ A trilateral memorandum between Asian Development
Bank representative, Mayor of Yerevan and RA Economy Minister was
signed today in Yerevan Mayor’s Office, municipality press service
reports.
Under the agreement signed, Yerevan will start implementation of a
program aimed at developing municipal transport infrastructure.
Asian Development Bank will allocate credits for project
implementation. Priority elements within program frameworks include
enhancing Yerevan’s public transportation network and ensuring road
security. Besides, at each stage of the program, directors’ board
will provide financial and technical assistance.
The Mayor’s office will do its best to achieve project implementation
within shortest time-limits, Mayor Gagik Beglaryan said.
In his turn, Arno Dofin, Head of group in Asian Development Bank,
attached importance to cooperation with Yerevan Municipality, noting
that joint work would help bring the program to life.
According to the release, the program covers such priority trends as
constructing road junctions between Artashat and Ashtarak highways,
building a new entrance for Yeritasardakan (youth) underground station
from Sayat Nova Avenue and studying strategies for further development
of underground network.
PRESIDENT OF ARMENIA MEETS KALININGRAD GOVERNOR
armradio.am
17.06.2009 18:35
President Serzh Sargsyan today received the Governor of the Russian
Kaliningrad region, Georgy Boss.
President Sargsyan appreciated the dynamic development of the strategic
relations between Armenia and Russia and emphasized the importance
of reinforcement of direct ties and expansion of cooperation between
territorial administrative units of the two countries.
Governor Boss stressed the traditionally friendly Armenian-Russian
relations, which are reinforcing and developing year by year. Noting
that many Armenians live in Kaliningrad region, Georgi Boss said they
are fully integrated into the life of the region, have their school,
church, a cultural center is being constructed.
President Sargsyan noted with gratitude that all the conditions had
been created for our compatriots to be able to preserve their language
and culture.