Wednesday, April 4 2012 20:44

Ameriabank to support a major project in Trans-Caucasus through trade finance


ArmInfo. Ameriabank will support a major project in South Caucasus through its trade finance facilities, the press service of the Bank told ArmInfo.

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 is USD 26 million, out of which USD 15 million will be funded by Ameriabank. To kick off the project, Ameriabank issued a letter of credit in the amount of EUR 8.7 million.

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 fund 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 funding made it possible to finance such projects under 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."

To note, Ameriabank CJSC is a universal bank offering corporate, investment and retail banking services in a comprehensive package of banking solutions.
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