EBRD And Another Five Banks Provide Syndicated Credit Of 15 Million

EBRD AND ANOTHER FIVE BANKS PROVIDE SYNDICATED CREDIT OF 15 MILLION DOLARS TO ARMECONOMBANK

Noyan Tapan
Dec 14, 2007

YEREVAN, DECEMBER 14, NOYAN TAPAN. Armeconombank and the European
Bank for Reconstruction and Development (EBRD) on December 14 signed
an agreement on a 15 million-dollar syndicated credit. The executive
director of Armeconombank Davit Sukiasian told reporters that it is an
unprecedented event in the history of the Armenian banking system as
it is for the first time that six internationally recognized financial
institutions: EBRD, Commerzbank AG (Germany), Raiffeizen Zentralbank
Osterreich AG and Bank Austria Creditanstalt AG (Austria), the State
Bank of India, the Land Bank of Taiwan, and FBN Bank Limited (UK)
have participated in provision of a syndicated credit.

D. Sukiasian said that the credit has two parts: 5 million dollars will
be provided by EBRD for a period of 36 months, while the second one (10
million dollars) will be given in two tranches by the above mentioned
banks for 18 and 12 months respectively. The credit is envisaged for
companies engaged in prodiction, service and trade sectors and will
be provided at 14-16% annual interest rate. The maximum amount to be
received by each borrower makes 400 thousand dollars.

The head of the EBRD Yerevan Office Michael Weinstein said that the
banking system is one of the most important branches of the Armenian
economy and it needs to be developed. According to him, interest in
Armenia is gradually increasing, while they are long-standing partners
with Armeconombank, in which EBRD has its share.

Pedagogical university is 85 years old

Panorama.am

13:23 15/12/2007

PEDAGOGICAL UNIVERSITY IS 85 YEARS OLD

The 85th anniversary of the Pedagogical State
University after Khachatur Abovyan was celebrated at
the Opera House yesterday.

In the words of university rector Artush Ghukasyan,
today the faculty of the university does a valuable
work in creating textbooks for schools and higher
educational establishments. The Deputy Prime Minister
Hovik Abrahayam mentioned that the challenge in front
of the university and the faculty is difficult and
responsible. ”Creating an economy based on knowledge
is an important precondition to achieve success in a
rapidly changing world,” he said.

Several professors and department heads of the
university were awarded with honorable titles by the
decision of President Robert Kocharyan.

Source: Panorama.am

20 Bills Adopted At NK Parliament’s Sitting

20 BILLS ADOPTED AT NAGORNO-KARABAKH PARLIAMENT’S SITTING

DeFacto Agency
Dec 14 2007
Armenia

20 bills were adopted in the course of a current plenary sitting of
the Nagorno-Karabakh’s National Assembly.

Draft laws on making additions and alternations to NKR laws "On Excise
Tax", "On Value Added Tax", "On Applying Control-Cash Machines"
and "On protection of Economic Competition", as well as on making
additions to the laws "On Suspension of Activity of Persons Applying
Control-Cash Machines" and "On State Duty" were approved in the course
of the sitting, "Novosti-Armenia" Agency reports.

Besides, the MPs made alternations and additions to NKR laws
"On Organization and Conduct of Check-up in NKR", "On Land Tax",
"On Trade and Services", "On Examination of Entrails and Extraction
with a View to Concession", "On Post Connection" and "On Taxes".

In the first reading Karabakh MPs adopted the laws "On Obligatory
Payments on Regulating Public Services", "On Restrictions on
Realization, Consumption and Usage of Tobacco", "On Special Dispatch
of Documents" and "On Struggle against Money Laundering and Financing
of Terrorism".

The bills "On Structure of NKR government", "On Control Chamber",
"On Specially Protected Laws of Nature" and "On Conduct of Hunt and
Hunting Economy" were also approved at the sitting.

Armenian – Egyptian Cooperation Developed In IT

ARMENIAN – EGYPTIAN COOPERATION DEVELOPED IN IT

Panorama.am
21:31 12/12/2007

A memorandum will be assigned on the cooperation of Armenian – Egyptian
IT spheres in April 2008. An IT conference will be organized. The
information is provided by the press and information department
of Foreign Affairs Ministry. The agreement was made to promote the
Information Technologies cooperation sphere when Robert Kocharyan
visited Egypt.

Note that Vahram Ghushchyan, the deputy of Trade and Economic
development minister left for Cairo for labor visit in December
9-11. The aim of the visit was to get acquainted with the Egyptian IT
experience and to mark the future cooperation directions. The deputy
minister met the heads of "Smart Village" Techno Park, IT development
agencies, and IT companies associations.

V. Hovanisyan: Office Of President Is Viewed As Place Where Every Pr

VAHAN HOVANISYAN: OFFICE OF PRESIDENT IS VIEWED AS PLACE WHERE EVERY PROBLEM IS SOLVED, INCLUDING TENDERS

Lragir
Dec 13 2007
Armenia

The ARF Dashnaktsutyun is worried not only by the monopolization
of the economy but also of politics, stated the ARF Dashnaktsutyun
presidential candidate Vahan Hovanisyan on December 13 at the National
Press Club.

The ARF Dashnaktsutyun thinks if the president is from the same
party as the parliament majority and the government, in other words,
the Republican Party, the monolithic government will lead into
authoritarianism, bad consequences and break the balance. After the
ARF Supreme Meeting on November 30 Serge Sargsyan commented on this
opinion saying that it stems from unawareness of the Constitution
because if the situation when the same force holds the parliament
majority and nominates president and parliament were dangerous,
the Constitution would bar it.

The reporters wanted to know the opinion of Vahan Hovanisyan on the
prime minister’s statement. "The Constitution cannot bar. We have
read the Constitution thoroughly. We understand that the danger of a
monolithic government, of authoritarian rule enables incompliance of
real life with the law. You see there are people who view the office
of the president as a place where every problem is solved, including
tenders and public administration. However, the new Constitution
which not only we read attentively but also wrote, this Constitution
distinguished the president from the government. The president has
no reason to intervene with the affairs of the government, except
for the cases of emergency. However, the functions of the president
are clear. After all, he sustains constitutional order in the country.

And the president, for instance, may regulate the tax and customs
spheres through instructions, he can eliminate the practice of election
fraud. This is what the president can do and should do. In case of
a monolithic government it will be more difficult to do this," Vahan
Hovanisyan says.

He also said if a president is elected, he must take into consideration
that the parliament majority is Republican, and according to the
Constitution, the parliament majority appoints the prime minister. In
this connection, Vahan Hovanisyan said if the Republican Party decides
that the best candidate for prime minister is Serge Sargsyan, the ARF
Dashnaktsutyun will endorse it. Vahan Hovanisyan said therefore they
nominate a president to guarantee Constitutional order in Armenia
and prevent the situation when the activities are independent from
the Constitution. "In the end, everyone should do their job. The
president is not elected, as many think, to distribute ministerial
posts. It is not going to be his purpose," Vahan Hovanisyan says.

Sculptor Robert Askaryan Left Another "Child" At Brazilian Santa Cat

SCULPTOR ROBERT ASKARYAN LEFT ANOTHER "CHILD" AT BRAZILIAN SANTA CATHARINA

KarabakhOpen
12-12-2007 11:10:41

Robert Askaryan, sculptor from Karabakh, took part for the second
time in the international symposium in the Brazilian city of Santa
Catharina. 245 sculptors had applied and 20 were selected.

Robert Askaryan carved his Guardian Angel of white marble brought from
a place located 1800 km from Santa Catharina. The sculpture is 3 m
tall. The sculptor says it was very difficult to part with his "child".

The author of 8 sculptures says it is very important for him to take
part in such events. "Getting in touch with artists from different
countries each of whom dances his own dance, shows his own country
is very important.

For it is another way of struggling," said the sculptor in a news
conference at Stepanakert Press Club yesterday.

In a few years 500 sculptures created during the annual symposiums
will decorate the mountain not far from the city.

Central Bank Of Armenia Registers Issue Prospectus Of Araratbank’s S

CENTRAL BANK OF ARMENIA REGISTERS ISSUE PROSPECTUS OF ARARATBANK’S SHARES

2007-12-11 22:38:00

ArmInfo. The Central Bank of Armenia (CBA) registered the issue
prospectus of the Araratbank CJSC’s shares. The CBA press-service told
ArmInfo that this decision was taken at the CBA Council’s session,
Tuesday.

To note, on August 3, 2007, the Council of the bank made a decision
on restructuring the Araratbank’s status from CJSC into OJSC. In this
connection, a decision was taken to split up a share worth 500 thsd
AMD into 100 shares worth 5 thsd AMD. The stock split aimed to provide
investors with an opportunity to participate in the capital, as well as
to attract minority shareholders. Araratbank intends to start direct
public offers (DPO) with the new issue of shares. The program on DPO
as an initial stage and then on IPO, which will be possible in case
of development of an organized stock exchange market in the country,
stipulates 3 year period of gradual (by 10-15% annually) decrease of
the capital contribution of "Flesh" company, which is currently the
only shareholder of the bank. According to ArmInfo’s data, direct
subscription of the bank’s shares will be organized at the central
office and all branches of the bank. Information on term and parameters
of the new issue of shares will be presented in the near future.

To note, the bank started developing a special program on consolidating
the institution for protection of minority shareholders’ interests,
and its main items are fixed in the new regulations of the bank.

According to the Ranking of Commercial Banks of Armenia by the Agency
of Rating Marketing Information (ArmInfo), as of October 1, 2007,
the total capital of the Araratbank made up 4.5 bln AMD $13.5 mln),
having increased by 18% in Jan-Sep, and by 60% as compared with
the same period of 2006. The growth of the total capital in 2007
was connected with replenishment of the authorized fund by holding
the 6th and 7th closed issues of shares worth 200 mln AMD each in
the second and third quarters. The shares were bought by the "Flesh"
company. Thus, in Jan-Sep 2007, the bank’s authorized capital increased
from 3.240 bln AMD to 3.640 bln AMD. The net profit totalled 224.8 mln
AMD in Jan-Sep 2007. As of October 1, 2007, the National Rating Agency
AmRating, a member of the international group of rating companies
GlobalRating, took into account the high rates and positive dynamics
of Araratbank’s development and raised its credit rating from ‘B-‘
to ‘B+’ (with stable outlook).

Crazy Mind

CRAZY MIND

Azat Artsakh Tert
Dec 11 2007
Nagorno Karabakh Republic

How we are helpless before the nature. But why can’t we be
helpless. The people think that they were born to hold sway, to be
equal to the Gods. They didn’t realize yet the senselessness of
strategic affirmation "the nature is a workshop and the man is a
master in it".

I prefer to describe the situation by expression "the process went and
it’s impossible to return it really". The man harmed himself due to
his crazy mind. I think the fatal mistake was made, when the vision
further named "naturalistic" was excluded. It comes from ancient
times and it’s known from legends as "being the part of the nature,
the man is obliged to listen only to its laws". In first stage of
his "cultural progress" the man was not distant from the nature,
he only tried to leave the natural environment and to create his
human, that’s, antinatural and artificial , so called cultural
world. The opinion exists that the thesis of Socrates originated
the historic revolution in Vth century B. C. He said the following
"Determinator of all humanistic must be looked for in mind and not
in nature". "The great pleasure is in mind and not in instincts"-
Seneca wrote. Through mind the man stands higher than the animals,
living by instincts, and he’s going to be equal to Gods.

The Christianity which was spread all over Europe (also the other
branches of religion) though it denied the opportunitties of human
mind but it supported the man to dominate over nature, not less
than ideas of Socrates did. "The christianity freed the man from the
power of nature, under which it was in ancient times. It rose him up,
strengthened and made him depend on God and not nature",- clergymen
and religious philosophers affirmed it with self-confidence.

As if the nature had its creator, the human-being had another creator.

As a result, they achieved development in epochs of Reneissance
and Enlightenment. They had their logical end in the mid of XXth
century. The man was granted the practical status "the determinator
of everything". More and more he was given an opportunity to relax
with his desire and boundless claims. For existing and developing
in such environment, the society must destruct the harmony and the
whole basis which is the origin of life on the planet of Earth.

…In modern times the first, who alarmed about the wrongness of
the way of civilisation was Michelle Montenes. He was the first from
humanists who began to speak about disimprovement of human mind seeing
the proof of the thesis in imperfection of the world created by will
and the hands of the man.

It’s possible there are natural laws of just existence with which
other existences are endowed, but unfortunately, they were lost due to
"wonder mind" trying to order and to intervene in everything.

As Montenes thinks the higher the human culture, the more he entrusts
the nature, the more he follows the laws. "Not to teach the nature,
but to learn from it, it’s the way leading to real culture".

Blez Pascal is the following thinker, who thought deeply over the
topic. "We’re swimming where we don’t know to, as if someone pursued
us and threw us to the sides. It’s enough to find something and to
catch hold of it, it also becomes hesitating, runs from under our legs,
but if we try to surpass, it avoids us, never allowing us to approach
and it has no end",-he said. There is nothing inreachable in civilized
society. We are thirsty for stability, try to have strong land under
us and to build everlasting fortress or tower on it, whose peak will
reach the skies. But our basis breaks, the land’s seperated widely
and the presipice is seen below.

So, we must not pursue stability and trust.

Those, who master it, I think, he will refuse to break the frontiers
of nature once and forever.

Climate change is discussed in Bali

On indonesian island of Bali the climate change conference starts.

Under the auspices of UN more than 200 hundred delegates from
different countries take part in the meeting. Ivo de Bure, heading
UN secretariate of frame convention on climate change, declared to
take concrete actions preventing the planet from the threat of warming.

One of the main tasks of two-week discussions is the preparation
for signing the treaty regulating the throw of frame gases into
the atmosphere.

The document will come into force after the expiration of terms of
Kyoto treaty in 2012y.

The observers notice that one of the main questions will be the
interference of the US in working out of the treaty.

The US did not ratify the treaty of Kyoto, which puts the system of
quotas for carbon bioxid throwings.

The Daily Telegraph writes about the participants of the conference "15
thousand of people go to the paradise island for saving the planet",
and then it adds "for reaching luxurious hotels and ideal pools,
they will throw so much carbon gas in atmosphere, how african middle
developed country doesn’t do".

And then the newspaper clears out in editor’s article, "if the
conference is held, for example, in Dusseldorf, the delegates will
be too less, but when you’re proposed free of charge flight, hotel
and food in resort, additionally 200 hundred of US dollars daily
for official journey, then suddenly the real army of politicians,
officials and members of different commitees are assembled, but it
makes up 100 thousand of tones of carbon gases for struggling with
which they made so long trip".

Yerikian Awarded

YERIKIAN AWARDED

A1+
[05:20 pm] 10 December, 2007

On December 8 Catholicos of All Armenians Karekin II awarded a medal
of St. Gregory Illuminator to Ralf Yirikian, CEO K-Telecom, highly
appreciating the latter’s contribution to Armenian nation and church.

In his speech Ralf Yirikian expressed willingness to serve the Armenian
church and people further on. "I will continue to serve our Church,
our Motherland and the Armenians. I do not a see marked difference
between Artsakh, Armenia and the Diaspora Armenians are Armenians
wherever they might live"

Estonia urges Azerbaijan and Armenia to seek peaceful solution to

ARMENPRESS

ESTONIA URGES AZERBAIJAN AND ARMENIA TO SEEK PEACEFUL
SOLUTION TO KARABAKH CONFLICT

TALLINN, DECEMBER 6, ARMENPRESS: Presidnet of
Estonia, Hendrik Ilves, urged Azerbaijan and Armenia
to display patience and seek a peaceful settlement to
the Nagorno-Karabakh conflict.
During a meeting with the visiting defense minister
of Azerbaijan, Safar Abiyev, the Estonian president
said solving frozen conflicts by using force was
impossible.
Wednesday Safar Abiyev and his Estonian
counterpart, Jaak Aaviksoon, signed a military
cooperation plan.
In late November Safar Abiyev said the
long-standing dispute over Nagorno-Karabakh could
spark a new war if it remains unresolved.
"As long as Azerbaijani territory is occupied by
Armenia, the chance of war is close to 100 percent,"
Safar Abiyev said during a meeting in Kazakhstan of
defense chiefs from ex-Soviet republics.