EBRD to provide USD 3mln loan to Saranist Armenian manufacturerSeptember 13, 2011 - 14:37 AMT PanARMENIAN.Net - The European Bank for Reconstruction and Development (EBRD) will lend USD3 million to Saranist, an Armenian producer of glass bottles and jars, to help the company increase its production capacity and diversify its product range. Founded in 1989 as a small-scale bottle plant, Saranist has since become one of the leading glass manufacturers in Armenia. It produces a variety of clear and colored glass jars and bottles, which are sold both domestically and exported to Georgia. The EBRD loan will support the company’s strategy to further expand its production volumes in order to offer an alternative to more expensive imported glass products. The proceeds of the EBRD loan will be used to build an energy efficient new furnace and glass production line, as well as to purchase raw materials required for the expanded production line. The project will enable Saranist to launch the production of new products, such as thick-bottomed jars. “Supporting private businesses is one of the EBRD’s key priorities in Armenia and we are pleased to help Saranist in its drive to expand production especially in these difficult market conditions”, said Gilles Mettetal, EBRD Director for Agribusiness. The EBRD is the largest single investor in Armenia. To date, the EBRD has committed over Euro 335 mln across more than 70 projects in various sectors of the Armenian economy, according to EBRD press service. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |