Ameriabank to support South Caucasus project

PanARMENIAN.Net - Ameriabank will support a major project in South Caucasus through its trade finance facilities.

A world-wide industrial leader, SIEMENS, was commissioned by Armenian ASCE GROUP to lead the reconstruction and upgrading of a steel-making plant in Charentsavan, Armenia. The project budget totals USD 26 million, USD 15 million out of which will be funded by Ameriabank. The bank issued a letter of credit at the amount of EUR 8.7 million for the initial stage of the project, Ameriabank’s press service reported.

Ameriabank financed this strategically important project for Armenia through the Global Trade Finance Program of IFC, a member of the World Bank Group.

Mr. Gagik Sahakyan, Corporate Banking Director of Ameriabank, said, “We are proud to finance the construction of a metallurgical plant in line with the best international practices. It will boost industrial output and total GDP, create new jobs, and provide a competitive domestic source of steel fixtures to substitute imports. Ameriabank also highly values cooperation with IFC which made it possible to finance such projects within very competitive terms.”

Thomas Lubeck, IFC Regional Manager for the South Caucasus, said, “This project is an excellent example of how our work with financial intermediaries translates into support to other sectors of economy, which aids technology transfers, boosts employment and combats climate change.”