Gasprombank launches USD 40 million credit line for ArmRosGazprom

PanARMENIAN.Net - On October 26, 2009m Russian "Gazprombank" OJSC and ArmRosGasprom CJSC signed an agreement on launching a USD 40 million credit line.



The credits will be allocated by Areximbank, Gazprombank CJSC's daughter company, ArmRosGazprom's press service reports.



ArmRosGasprom CJSC continues implementation of gas energy projects, particularly expansion of "Iran-Armenia" gas pipeline and modernization of the 5 bloc of Hrazdan thermoelectric power plant.



"Singing of agreement is the successive step towards realizing the banks strategic objective on developing energy-heat complex in Armenia," says the bank's release.



In January-September 2009, about AMD 27.8 billion were invested in the project. In the same period there were public donations in the amount of AMD 10.3 billion. Over the past years, the total amount of investment programs comprised USD 700-750 million.



Investment programs are implemented due to private donations as well as borrowed means. ArmRosGasprom CJSC also cooperates with several local and foreign financial institutions.

Gazprombank OJSC is one of Russia's three biggest universal financial institutions. The third in the list of Central and Eastern European banks, it provides resources for the key branches of Russian economy, including gas, oil, nuclear and energy spheres. As of June 30, 2009 the bank's total capital comprised RUR 156.5 billion, with total assets making up RAR 855.3 billion.



"Areximbank - Gazprombank Group" CJSC was founded in 1998 with the purpose of boosting entrepreneurial activities and ensuring financial flows between Armenia and Russia. Since 2007, it has been a 100% shareholder of Russian "Gazprombanks" OJSC. As of October 18, 2009 it had a capital of AMD 9,906,771 thousand, with total assets coprising AMD 39,545,809 thousand. The company currently has 15 branch offices.