ITB BECOMES PARTICIPANT OF KfW’s STABLE HOUSE FINANCING MARKET
DEVELOPMENT PROGRAM

YEREVAN, OCTOBER 26, NOYAN TAPAN. The International Trade Bank (ITB)
(Armenia) became one of the participants of KfW Bank’s credit program
on development of stable housing financing market. According a press
release of the bank, the KfW program is expected to be an important
stimulus for development of this sector of the Armenian financial
market and to cause local banks to improve their crediting conditions
by lowering interest rates and extending credit maturity terms. ITB
also intends to provide mortgage credits from its own resources. The
bank developed its program of mortgage crediting and will soon
announce its entrance into this market. It will provide credits for a
period of 10 years and over. The amount of a credit at the initial
stage will not exceed 12 million drams (about 30 thousand USD). It is
envisaged to launch KfW’s credit program on development of stable
house financing market in Armenia in November-December 2006. ITB CJSC
was founded in 1992 on the basis of Menatep-Yerevan Bank CJSC – the
Yerevan branch of Menatep Bank (Russia).
In April 2000, the bank’s shares were acquired by foreign
organizations which later joined Makarios (MG) Holding GMBH company,
and the bank was renamed “International Trade Bank” (ITB). In 2005,
Makarious (MG) Holdings GMBH acquired 99.91% of ITB shares. As of June
30, 2006, the overall assets of the bank made 5.1 bln drams, its
credit portfolio – 1.6 bln drams, overall capital – 2.98 bln drams.
The bank has 4 branches. Makarious (MG) Holdings GMBH unifies about 60
companies registered in Austria, Ireland, Switzerland, Cyprus, several
CIS countries. Makarious Group’s interest in Armenia is not limited to
the banking sector. The group invested 22.5 mln dollars in
construction of North Avenue in Yerevan.

INTERNATIONAL PERFORMANCES OF ARMENIAN RIFLEMEN HIGHLY ESTIMATED

YEREVAN, OCTOBER 26, NOYAN TAPAN. On October 26, Seyran Nikoghosian,
principal coach of Armenian national team of bullet shooting,
presented report at the Armenian State Sport Committee. Highly
estimating the international performances of Armenian riflemen, he
also mentioned that the first and for the present the only Armenian
sportsman who gained the right to take part in the Beijing-2008
Olympic Games is Europe Vice-Champion Norayr Bakhtamian. At the same
time, the report drew attention to the fact that training conditions
of riflemen are unsatisfactory in Armenia, there is lack of arms and
bullets. It was decided to carry out some partial repairs at some
shooting-grounds before putting into exploitation the new shooting
complex corresponding to international standards in 2007 in Yerevan.
From: Emil Lazarian | Ararat NewsPress

JAPANESE AMBASSADOR TO SUPPORT DEVELOPMENT OF ARMENIAN-JAPANESE
INTERPARLIAMENTARY RELATIONS

YEREVAN, OCTOBER 26, NOYAN TAPAN. Both the Japanese and the Armenians
have many communities – ancient-old cultural rich heritage, beautiful
country and lack of natural resources, when the only natural resource
remains the human one, with skilful use of which it is possible to
achieve much success in the modern world. Newly aoppinted Ambassador
of Japan to Armenia, Yasuo Saito, said this at the October 26 meeting
with RA NA Speaker Tigran Torosian. The Ambassador said that a
parliamentary friendship group with Armenia was created at the
Japanese parliament and one of his tasks will also be to develop
interparliamentary relations. In his turn, T.Torosian expressed
gratitude for the assistance provided to Armenia by the Japanese
government. He also expressed the hope that the Ambassador will
contribute to development of interstate and interparliamentary
relations. In response, Ambassador Saito said that Japan is in first
place in the respect of economic assistance programs to another
countries. Being in Armenia for two days he had an oppportunity to be
convinced in the efficiency of joint programs and will do everything
possible to continue these programs. Attaching importance to the
elections for democratic development and country’s progress, the
Ambassador also mentioned the importance of reforms, which gave
Armenia the possibility of economic development.

KAREN KARAPETIAN: TRANSFER OF IRAN-ARMENIA GAS PIPELINE’S ARMENIAN
SECTION TO ARMRUSGAZPROM IS LOGICAL

YEREVAN, OCTOBER 26, NOYAN TAPAN. The ArmRusgazprom company has
already made a proposal to the Armenian government to transfer the
40-km Meghri-Kajaran section of the Iran-Armenia gas pipeline to the
company. Karen Karapetian, Chairman of ArmRusgazprom Board and General
Executive Director of the company, told this to reporters on October
26. According to him, this deal is logical because the gas pipeline
connects the Iranian gas transportation system with that of
ArmRusgazprom. K. Karapetian said that there are various forms of
transferring this section of the gas pipeline, including “the Armenian
side makes a capital investment and increases its divident.”

OLD GEGHANUSH TAILING PIT BEING RESTORED

YEREVAN, OCTOBER 26, NOYAN TAPAN. The company Dino Gold Mining is
restoring the old Geghanush tailing pit to dump its waste there. Vahe
Vardanian, head of the company’s nature protection unit, told this to
reporters during a media tour organized under the project “Promotion
of Ecological Journalism in Armenian Regions for Monitoring of
Environmental Protection Problems of the Corridor of the Eastern
Caucasus Minor.” The project is being implemented by the Ecolur NGO
with the financial support of the Caucasian Program of the Critical
Ecosystem Partnership Fund and the World Wildlife Fund (CEPF/WWF).
V. Vardanian underlined that the tailing pit is being constructed
with the use of modern technologies, and will have a closed cycle. The
new construction will occupy not only the area of the old tailing pit
but will also raise its level to the height of 50 meters. It means the
nearby mountain slopes and land plots of inhabitants of the village of
Geghanush will be covered by liquid waste of the enterprise.
According to V. Vardanian, it is envisaged to pay compensation to
these people.
However, the head of the village community Grigor Safarian said that
the opinions of village inhabitants were not taken into account during
the ecological expert examination. While the new tailing pit is under
construction, the waste is dumpted into the old one. Levon Petrosian,
head of the territorial state nature protection inspection, explained
to reporters that although the tailing pit is a temporary one, it
performs its functions. Yet, according to local journalists, the waste
is poured into the Vokhchi River without being treated.

EUROPEAN UNION POSITIVELY ASSESSES PROCESS OF REFORMS IN ARMENIA

BRUSSELS, OCTOBER 26, NOYAN TAPAN. The 7th sitting of the Armenia-EU
Cooperation Committee took place in Brussels on October 25. The
Armenian delegation headed by the RA Minister of Trade and Economic
Development Karen Chshmaritian was composed of the deputy ministers of
foreign affairs, justice, finance and economy, and energy, and the
Head of the RA Mission in the EU Vigen Chitechian. The European
delegation was headed H. Mingareli, Director of the Directorship
General for Foreign Relations. According to the RA MFA Press and
Information Department, issues related to the European Neighborhood
Policy were discussed at the sitting. The Armenian officials
representing various sectors spoke about the reforms implemented and
to be implemented in these sectors. The EU positively assessed the
process of reforms in Armenia and attached special importance to the
signing of the Action Plan under the European Neighborhood Policy
Program on November 14 and to the further cooperation within the
framework of the program. K. Chshmaritian on October 26 met with David
O’Sullivan, Director of the European Commission’s Directorship General
of Trade. The sides discussed issues related to granting Armenia
status of a free economic zone and market economy, problems of
EU-Armenia trade regime and issues concering the development of
bilateral trade.

PanARMENIAN.Net
Cuny: Closed Border Improper Position for State
Aspired to Europe
27.10.2006 13:52 GMT+04:00

/PanARMENIAN.Net/ Today Secretary of the Security Council at the RA
President, Defense Minister Serge Sargsyan met with French Ambassador
Henry Cuny, who is completing his diplomatic mission in Armenia, RA
Defense Minister’s Spokesman, Col. Seyran Shahsuvaryan told
PanARMENIAN.Net.
When discussing the Armenian-French relations Serge Sargsyan said the
bright proof of their development in the recent visit of French
President Jacques Chirac to Armenia. For his part Amb. Cuny said he
evaluates highly Armenia’s warm attitude to France. `I am going home
taking with me a rich library about Armenia. I am convinced that by
the time of my next visit the peace will be established and borders
will be opened. A closed border is an anachronism and improper
position for a state aspired to join the European family,’ the French
diplomat underscored. Serge Sargsyan thanked the Ambassador for
efficient activities, specifically for cooperation in the military
sector and wished him every success.

PanARMENIAN.Net
Sweden to Pay Greater Attention to Relations with Armenia
27.10.2006 14:13 GMT+04:00

/PanARMENIAN.Net/ Today newly appointed Sweden’s
Ambassador to Armenia Hans Gunnar Aden (residence in
Stockholm) handed credentials to RA President Robert
Kocharian, reported the RA leader’s press office.
Congratulating the Ambassador with the appointment the
President Kocharian expressed consent with the current
level of the Armenian-Swedish political dialogue. For
his part Hans Gunnar Aden said that henceforth Sweden
will pay a greater attention to relations with South
Caucasian states and described the recent visit of
President Kocharian to Sweden as an impulse to the
development of bilateral relations. The parties also
remarked that new possibilities are being created
within the European Neighborhood Policy.
Robert Kocharian marked out the significance of the
economic constituent of the Armenian-Swedish relations
and the priority of contractual and legal field,
organization of business forums, etc. The parties also
referred to some regional tasks and the Armenia-Turkey relations.

PanARMENIAN.Net
EU Highly Assesses Reforms Carried Out in Armenia
27.10.2006 14:45 GMT+04:00

/PanARMENIAN.Net/ The recurrent meeting of the 7th committee on the
Armenia-EU cooperation was held in Brussels October 25, reported the
RA MFA press office. The Armenian delegation was led by Minister of
Trade and Economic Development Karen Chshmarityan. Director of the EU
Directorate General for External Relations Hugh Patrick Mingarelli
headed the EU delegation. The sides discussed the issues referring to
the European Neighborhood Policy. The Armenian officials briefed on
the process of reforms carried out in various directions. The EU
delegation gave a high estimate to the process and noted the
importance of the Armenia-EU action plan signed November 14.
From: Emil Lazarian | Ararat NewsPress

SERGE SARKISIAN: WE DID NOT TOUCH UPON THE SETTLEMENT OF NAGORNO GARABAGH CONFLICT IN THE MEETING WITH AZERBAIJANI DEFENCE MINISTER
Azeri Press Agency, Azerbaijan
Oct 26 2006
“The violation of ceasefire is normal, because there are thousands of
armed personnel on both sides of the border. But it should not grow
to large-scale standoff,” Serge Sarkisian, Armenian Defence Minister
told journalists, APA reports quoting to Armenian press.
He said that Azerbaijani Defence Minister is for maintaining of
ceasefire regime in the region. Sarkisian also noted the meeting with
his Azerbaijani colleague was organized by co-chairs. The minister
said that they had talks on the maintaining of ceasefire only and
did not touch upon the settlement of Nagorno Garabagh conflict. In
response to the question “who will sign the peace agreement?”
Sarkisian said that it is in the president’s competence. Asked
whether he would make a president, the minister answered that he will
think about it if journalists help the people to hold free and fair
parliamentary elections.