Wednesday, August 15 2018 08:31

ArmInfo. A new player, Gazelle Finance universal credit company with the American-Dutch capital enters the financial market of Armenia, US Ambassador to  Armenia Richard Mills told reporters on August 14 on the sidelines of  the event dedicated to the start of the company's investment activity  in Armenia. The shareholders of Gazelle Finance are US Overseas  Private Investment Corporation (OPIC) and the Dutch Development Fund  (FMO).

"The existence of a financial institution with the US capital  testifies to our confidence in the Armenian economy and its  opportunities. Business and investors from the US keep close track of  the situation and changes in Armenia initiated by the new  government," he said. 

rThe initial capital of the company was USD 42 million, which will be  used to finance the Armenian small and medium-sized businesses,  engaged in various economic sectors-IT, agricultural sector,  services, tourism, etc, Gazelle Finance CEO Jeffrey Liebert told  ArmInfo. "At the end of the year, we have already chosen 3  enterprises, which will be provided with investment assistance. Next  year, from 5 to 10 enterprises will become beneficiaries," he  stressed. Jeffrey Libert explained that financing focuses on  dynamically developing small and medium-sized businesses, which  provide growth from 20% or more annually. The amount of financing  will be from USD 100 000 to USD 1 mln. According to him, the  beneficiaries will be provided with technical support, resources and  consultations. "Why are we in Armenia? The reason is that  entrepreneurship is rapidly developing here. And such an organization  as ours is able to provide assistance to the economic development and  job creation," he said.  The credit company will work with those  borrowers who have limitations in terms of collateral for loans, but  meanwhile generate a constant and reliable cash flow. Investments in  the capital of companies by OPIC through Gazelle Finance will create  an opportunity for growth and entry of enterprises into new capital  markets.  In his turn, Minister of Economic Development and  Investments of Armenia Artsvik Minasyan stressed that cooperation of  Armenian entrepreneurs with Gazelle Finance can open up prospects for  working with institutional investor, OPIC in particular. "I am sure  that the entry of this player into the financial market of Armenia  will first help the process of forming a new management culture, and  secondly, it will provide financial flows from the US and other  countries," the minister said.