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.
