Tuesday, July 17 2012 18:35

Aske Group has already used 70-80% of Ameriabank's $15mln loan


ArmInfo. Aske Group has already used 70-80% of the $15mln lent by Ameriabank in late 2011 and will use the rest by the end of this year, Director of Aske Group Khachatur Antonyan told ArmInfo on Tuesday.

He said that the loan has been provided for three years for the purchase of Siemens VAI equipment under the project to build an armature production mill. Part of the equipment has already been supplied. The mill is supposed to produce 125,000 tons of armature a year. This is more than enough for covering the domestic demand, which is almost 50,000 tons a year. So, the rest can be exported to neighboring countries.

Aske Group is located in Charentsavan, Kotayk region, and specializes in cast iron and steel smelting.
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