Inecobank and Blue Orchard Microfinance Fund sign 15 million USD bond agreement

Inecobank and Blue Orchard Microfinance Fund sign 15 million USD bond agreement

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19:04,

YEREVAN, FEBRUARY 27, ARMENPRESS.  Inecobank CJSC and Blue Orchard Microfinance Fund signed a subordinate debt facility agreement in the amount of 15 million USD with a seven-year maturity period on February 27, ARMENPRESS was informed from Inecobank CJSC.

“Today Inecobank, as a leading bank in Armenia in attracting funds from foreign institutions, has a highly diversified funding structure both by liabilities and share capital” points out Tigran Davtyan, CEO of Inecobank.

As reported by the bank, the funds attracted will be directed to financing the bank’s overall activities, as well as will contribute to the growth of the bank’s credit portfolio, in particular focusing on the SME segment.

“We highly value our lasting cooperation with Blue Orchard Microfinance Fund, which provides subordinated loan in Armenia for the first time. Such a long-term and productive cooperation with foreign financial institutions comes to testify the high level of trust towards Inecobank, which has been achieved thanks to the Bank’s excellent financial performance and the high standards of corporate governance practices at the Bank”, sums-up Mr. Davtyan.

A subordinated loan is a more flexible tool that enables to manage the Bank’s assets and liabilities, mainly increasing the effectiveness of capital management. With the involvement of this subordinated loan, Inecobank’s regulatory capital will make up AMD 50 billion, which will improve the position of Inecobank in the market, thus ranking it among the most capitalized banks in Armenia’s banking system.

CJSC Inecobank CJSC is one of the leading banks in the South Caucasus region, focused on individual customers, small and middle market businesses and large corporations offering a full range of banking services including break through and innovative digital banking solutions. For over 23 years the bank has been providing unmatched convenience in Armenia serving more than 400 000 customers and over 150 000 online users. Inecobank developed and delivered industry-leading digital banking solutions with the purpose of introducing an entirely new culture of banking services. • In 2009 the Bank digitalized and fully automated the “Point of Sale Loan” product, reducing the loan generation time from 3-4 days to a few minutes. • In 2012, with the introduction of InecoOnline, the Bank was one of the first to provide 24/7 banking services to its customers. • In 2014 the Bank launched InecoMobile, its Mobile banking application, which is the most popular banking application in Armenia with over 100,000 users. • In 2017, the Bank was the first to introduce a fully automated consumer lending solution through its mobile and online applications, which generates consumer loans 24 hours a day, 7 days a week. • In 2018, the Bank was the first banking institution in Armenia to introduce InecoPay, the cashless payments new system




Asbarez: Portantino Introduces Bill to Re-Establish the California-Armenia Trade Office

From left, Senator Anthony Portantino, Glendale Mayor Zareh Sinanyan and Armenia’s Consul General to L.A. Armen Baibourtian submit SB 302

SACRAMENTO—Senator Senator Anthony J. Portantino (D – La Canada Flintridge) introduced SB 302 to reestablish the California-Armenia Trade Office on Thursday.

In 2005, the original trade office was established through legislation authored by former State Senator Jack Scott, the Schwarzenegger Administration later terminated it in 2008. Senator Portantino and co-authors Senator Scott Wilk, Senator Henry Stern, Senator Scott Wiener, Senator Melissa Hurtado and Assemblymember Autumn Burke and Assemblymember Evan Low hope to build a vibrant business relationship between California and Armenia. Several of these co-authors attended the September Tech Trade trip to Armenia.

Through this legislation, Senator Portantino hopes to capitalize on the trade trip’s positive momentum with establishing the trade office. California is home to one of the largest Armenian populations outside of the capitol Yerevan, Armenia. The 25th Senate District represented by Portantino has the largest Armenian population of any state legislative district in the country.

“There is so much excitement and optimism in Armenia under the leadership of Prime Minister Pashinyan and in California under Governor Newsom that we should capitalize on the moment and formalize a positive economic relationship with Yerevan. I was a young politician sitting in the audience when the Jack Scott Bill was signed and I am very pleased to be in a position to help bring it back,” commented Portantino.

“We were pleased to host Senator Portantino, Senator Stern, Assemblymember Low and Assemblymember Burke on a legislative trade study trip to Armenia a few months ago and to show them first-hand how Armenia has progressed in such a positive way. We are grateful to them for recognizing the potential that a new California-Armenia Trade Office can bring both for American entrepreneurship and for the Armenian economy, and we look forward to continuing to work with them and the State to advance this important initiative,” said Nora Hovsepian, the chairperson of the Armenian National Committee of America-Western Region.

“For years, the ANCA-WR has been advocating for the re-opening of the Trade Office first with Governor Brown and more recently with Governor Newsom and has received assurances that it will be re-established soon. Senator Portantino’s welcome introduction of SB302 will help to ensure that this happens. As the fifth largest economy in the world and home to the largest Armenian Diaspora Community, California is uniquely positioned to play a pivotal role in Armenia’s progress and economic development, and the ANCA-WR remains committed to use the resources at its disposal to help accomplish this goal,” added Hovsepian.

Consul General Dr. Armen Baibourtian and Glendale Mayor Zareh Sinanyan joined Senator Portantino in Sacramento to introduce SB 302. Dr. Armen Baibourtian made his first trip to the State Capitol while serving his second term as Consul General representing Armenia in Glendale. On Friday, he will be formally recognized on the State Senate and the State Assembly floor.

“This is truly an important development for both California and Armenia. We have long-wanted to reestablish the trade office and are very grateful to Senator Portantino and his colleagues for authoring this promising proposal. I know it will be well-received by the Armenian Community in California and business and political leaders in Yerevan,” added Consul General Baibourtian.

In September, Portantino, Stern, Sinanyan and the ANCA completed a tech trade trip to Yerevan and Guymri. The trip was Portantino’s second trip to Armenia. Attending Senators and Assemblymembers were introduced to the many facets of the Armenia tech and education communities in Armenia’s two largest cities. The goal of the trip was to strengthen economic ties between California and Armenia. During his first term in the Senate, Portantino established the Senate Select Committee on California, Armenia and Artsakh Mutual Trade, Art and Cultural Exchange. Establishing the trade office is a natural extension of these efforts.

“Our community in California is igniting a renewed optimism toward the Armenian economy, something Senator Portantino witnesses first-hand. We are lucky to have him championing and fostering this formalization effort. Now, the responsibility falls upon all of us to ensure its success. I am confident that the trade offices will lead to mutual economic and social benefit,” commented Mayor Sinanyan.

SB 302 seeks to establish the trade office under the umbrella of Go Biz, the official economic development arm of the Governor’s Office. The legislation calls for the trade office to be funded by private funding. Before funds can be raised, the office needs formal designation and creation. On Thursday, that effort took its first giant step.

“We are excited to be part of this effort. The wonderful entrepreneurial spirit of Armenian Americans has a new avenue to pursue success. It is truly exciting times in California and in Armenia,” concluded Senator Scott Wilk.

Turkey’s Erdogan departs for Russia

Turkey’s Erdogan departs for Russia

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14:52, 14 February, 2019

YEREVAN, FEBRUARY 14, ARMENPRESS. Turkish President Recep Tayyip Erdogan departed for Sochi on February 14 to participate in the 4th summit on Syria, Anadolu reports.

During the summit Russia, Iran and Turkey will discuss the establishment of stable peace in Syria within the frames of the Astana process.

Erdogan’s delegation also includes the ministers of defense, foreign affairs and finance, as well as the head of the national intelligence organization.

Edited and translated by Aneta Harutyunyan




Asbarez: Dr. Mihran Agbabian Passes Away

Dr. Mihran Agbabian

A founding member of the American University of Armenia, where he was President Emeritus, and life-long community activist and educator, Dr. Mihran Agbabian, passed away on Tuesday in Los Angeles.

Agbabian was born in Cyprus in 1923 and he grew up in Aleppo, Syria, before moving to Beirut, Lebanon to study at the American University of Beirut. He received a Bachelor’s degree in Physics (1944) and Bachelor’s degree in engineering (1947), and he came to the United States in 1947 to continue his education at the California Institute of Technology (Caltech) where he received his Master’s degree. He completed his studies at the University of California at Berkeley where he received his Ph.D. in Civil Engineering in 1951.

After working as a structural engineer at several engineering companies, he co-founded the engineering consulting company, Agbabian Associates, in 1963.

In 1984, Dr. Agbabian was appointed as the Fred Champion Professor of Engineering at the University of Southern California. He served as Chairman of the Civil Engineering Department and Director of the Environmental Engineering program from 1984 to 1992.

He is the founding president of the American University of Armenia in Yerevan which started its operation on September 23, 1991, the same day when Armenia declared its independence. The University, known to all as AUA, is affiliated with the University of California system and is sponsored by the Armenian General Benevolent Union. The university is a graduate school and has graduated more than 2000 persons with Master’s degrees in Business Management, Industrial and Earthquake Engineering, Political Science and International Relations, Public Health, Law, and Information Technology, most of whom are employed in Armenia. It also has a University Extension program and it offers special courses in English and Environmental Management,

After serving AUA in the capacity of founding president, he retired in 1997, and he was appointed by the Board of Trustees as President Emeritus, working on special assignments for the growth of the university.

Dr. Agbabian was married to Elizabeth Apkarian who has worked with him serving their community. They have three sons, Paul (married to Kate Nyberg); Bryan (married to Valina Ghoukassian); and Michael; as well as three granddaughters, Sabrina, Erika, Lori, and a grandson. Arman.

He was elected Member of the US National Academy of Engineering (1982) , the Armenian National Academy of Sciences (1990), and the Russian Academy of Natural Sciences (1995). He has received the University of California at Berkeley Distinguished Engineering Alumnus Citation and the Caltech Distinguished Alumnus Award.

He has an Honorary Doctor of Science degree from Yerevan State University and he is Honorary Member of the Earthquake Engineering Research Institute and its Past President, and he is a Fellow of the American Association for the Advancement of Science. In 1955 he received the Ellis Island Medal of Honor from the National Ethnic Coalition Organization of New York for outstanding contributions as an immigrant.

Agbabian received the Movses Khorenatzi Medal (2001) from the President of the Republic of Armenia for exceptional achievement in educational development. The Armenian Church has recognized Dr. Agbabian. He has received the Sahag-Mesrob Medal from His Holiness Catholicos Karekin I, the St. Mesrob Medal from His Holiness Catholicos Aram I, and the St.Vartan Medal from His Holiness Catholicos John Bedros XVIII.

Dr. Agbabian has served the Armenian community in a number of organizations. He was member of the Central Board of the Armenian General Benevolent Union, a founding member of the Armenian Film Foundation, vice president of the Armenian Missionary Association of America, vice-chairman of the Board of Haigazian College, Chairman of the Board of Directors of the Armenian Assembly of America, and General Chairman of the First Congress of the Armenian Engineers and Scientists of America.

Azerbaijanis in Georgia demand dismantling Mikhail Avagyan’s statue

Panorama, Armenia
Feb 8 2019
17:17 08/02/2019

A group of Georgian citizens of Azerbaijani origin held protest outside the building of Georgian parliament on Friday demanding to remove the statue of Karabakh war hero Michael Avagyan that was unveiled in Bugashen village of Georgia’s Armenian-populated Samtskhe-Javakheti region.

According to social media posts, the protesters accused Avagyan for ‘separatism’ and asserted that erection of the statue undermines Georgian-Azerbaijani friendly relations.

The statue is of a native to the region – Mikhael Avagyan, who died during the war in Nagorno-Karabakh in the early 1990s, was solemnly opened on January 20 in his native village. The ceremony was attended by the Armenian Ambassador Ruben Sadoyan, the head of the district administration, the local government as well as members of the Georgian parliaments of Armenian origin.
This has caused outrage on social media and a strong reaction from Azerbaijan, that even summoned the Georgian Ambassador in Baku.

A1+: Levon Aronian to participate in Grand Chess Tour 2019.

Armenia’s leading chess player Levon Aronian will participate in the Grand Chess Tour in 2019.

This year it will be held in seven countries in four continents, as the organizers have added the number of competitions. In particular, rapid chess tournaments will be held in Côte d’Ivoire, Romania, India, a new classic chess tournament will be held in Croatia.

The top four players will be recognized by the results of the first seven competitions. The main prize, which will be given in London, is $ 1.75 million.

It should be noted that among the participants are 12 chess players, who took high places in the FIDE rankings. However, former world champion Vladimir Kramnik has officially announced his intention to quit active chess. He is likely to be replaced by another Russian chess player.

The first Grand Chess Tour 2019 tournament will be held in Côte d’Ivoire on May 7-12.

Descending Upon Nakhichevan

Garen Yegparian

BY GAREN YEGPARIAN

What’s going on in Nakhichevan? It worries me. Not the at-best-misleading “news” (several weeks ago) emanating from Azerbaijan that they took control of territory that had been in Armenian hands. Even if that were true, it would be an insignificant blip, and, it’s not true.

What worries me are more substantive issues. What’s happening with the population of the area. In one source, there’s a reference to its having grown from 307,200 in 1991 to 410,100 in 2011. That’s HUGE. Think about it, a one-third increase in the number of people in the span of less than one generation? But is it true? Or, equally, is it true that huge numbers of people fled that so-called “autonomous republic” after the Armenian side won in Artsakh? I recall some statistics that purported the region’s population had been halved as a result, but half of what?

Why does population matter anyway? The more people are there, the more that can be marshalled to arms should a conflict erupt on the Republic of Armenia’s southwestern flank where this now-devoid-of-Armenians region lays.

Turkey is the root of my concerns. Plans for a railroad connecting the Nakhichevan and Turkey have been put forth, but no action has been taken since 2012. That’s good news. But the very fact that a project such as this lingers and festering is cause for concern. A railroad would enable faster delivery of military needs to our enemies in case of a conflict. As it is, the Turkish military is said to have an actual presence in Nakhichevan. This is hardly a surprise. Couple this with the incident referenced above when Azerbaijan took some action, perhaps the real intention was to probe for Armenian weakness. That was not an isolated incident. Every so often, they take such action. But the Turkish presence there is “unofficial” since formalizing such a condition would intrude on Russia’s perception of its space. Despite this, Turkish media occasionally report plans to build a Turkish base in Nakichevan. This, too, is likely a probe to see what reactions are elicited.

All this is possible because of a land swap between Iran and Turkey under the Tehran Convention, of 1931. This gave Turkey an 11 mile (18km) common border with Nakhichevan. Ostensibly, this came about as a result of the Kurdish rebellion that preceded it. Because Kurds were crossing the border from Iran, Turkey wanted a more controllable border. Even an Armenian source cites this. Supposedly, the land swap was not to gain a common border with Nakhichevan for pan-Turkic reasons. But it baffles me why people cannot conceive that Turkey wanted the land swap for both reasons – the Kurdish and Nakhichevan benefits it bestowed.

Of course the pan-Turkist Kemal Ataturk would not publicly state the Nakhichevan angle. Would you? But it is what anyone with that expansionist, Turkist mindset would do. It’s completely rational.

Meanwhile, a border wall between Iran and Turkey is under construction by the former and was scheduled for completion in Spring of 2019. I do not know what to make of this. Supposedly, Iran welcomes its construction, but I don’t see why it would. That’s very shortsighted and Tehran usually thinks very long term.

We must heighten our awareness of Nakhichevan. Happily, Yerevan officialdom seems to be aware of the importance of this front. But more public, especially Diasporan, awareness is important so that if the time should come when trouble starts, we can be of more assistance. Also, it would help us spread the word in government circles worldwide that Turkey likely has nefarious plans for the Republic of Armenia via Nakhichevan.

Let’s start reading and spreading more news about the place-of-the-first descent (of Noah’s ark) as the region is named (Nakh-eech-e-van).

A1+: Anastasia Galustyan to be number 13 in European Championship

The 2019 European Figure Skating Championship will kick off today in Minsk, Belarus.

Women’s competition will take place the first, where 36 figure skaters from 28 countries have applied for. 19-years-old Anastasia Galustyan is the representative of Armenia, and she will perform as a 13 number in the third qualifying round. His rivals will be Estonian, Dutch, Swiss, Polish and Norwegian skaters.

Vardan Petrosyan warns about vandalism

On January 31, citizen Vardan Petrosyan visited the town of Vayk and saw that the gravestone located in the city park was in bad condition.

“If this is not done even for an evil purpose, in any case there is a problem of very bad political issue here. This is a gravestone, it is not for only paying tribute to the victims of the Armenian war, but also to the victims of the genocide.”

Armenian bloggers arrested for 10 days in Moscow for obstructing traffic during video shootings

Panorama, Armenia
Jan 19 2019
Law 12:27 19/01/2019 Armenia

Two Armenian bloggers David Manukyan and Karina Karina Lazaryants have been arrested for 10 days for obstructing traffic while filming a video in Moscow, Russia.

They decided to shoot the video in downtown Moscow at a rush hour, blocked roads and thus disturbed the traffic, which amounts to a violation of public order, a Moscow court ruled.

A video posted earlier on Instagram show how the bloggers blocked several lanes of the New Arbat (Novy Arbat) Avenue to film the video.