Ardshinbank Finances the Construction of an Innovative Greenhouse Facility

ArmInfo. A new greenhouse complex has been launched with the financing of Ardshinbank and the subsidy of the Government of Armenia. The opening of the first phase of the Nouveau Village project took place on December 23 in the village of Nor Geghi, Kotayk region.

The complex was built in partnership with the French company Richel Group, which has 60 years of experience in the production of greenhouses and specialized equipment. Ardshinbank's investment in the project is around 3 billion drams. The greenhouse complex occupies 5 hectares of the 26-hectare land owned by the company and is equipped with the most modern automated systems that provide the microclimate necessary for plant growth. The project fully complies with the international GLOBAL G.A.P. system, which ensures safety standards for agricultural products.

“Ardshinbank welcomes such innovative business projects. The funds invested by the bank and the state are targeted towards expanding the potential of both the bank and its clients - enterprises and farms, and therefore provide a greater economic effect,” - said Armen Gasparyan, Director of Corporate Business at Ardshinbank, during the opening of the complex. He also noted that the opening of the greenhouse will be an additional incentive for the development of the country’s greenhouse industry and employment of the local population.

Greenhouses are equipped with hydroponic systems that allow crops to be grown year-round and with higher returns than when grown traditionally. In addition, hydroponic structures allow for plants to grow in a natural environment. The products are expected to be exported to the Russian Federation, the United Arab Emirates and Qatar.

“Our goal is to reach a yield of 1.5 thousand tons per year. It is planned to expand the production area to 18 hectares, which will allow the cultivation and export of more than 5 thousand tons of high-quality pepper. Our main advantage is that the greenhouses are located in the highlands of Armenia, at an altitude of 1415 meters above sea level. This provides a large number of sunny days and favorable climatic conditions, while the clean mountain water contributes to the complete nutrition of plants and significantly affects the taste of the product,” said Grigor Amirkhanyan, Executive Director of Nouveau Village.

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Ardshinbank is the leading bank in Armenia. It provides a wide range of universal banking services, providing solutions in the areas of retail, corporate, investment, as well as private banking and asset management. Ardshinbank serves approximately 390,000 customers through a dedicated team of over 1,900 employees. The bank operates a powerful multi-channel service delivery and sales platform with 65 branches, comprehensive mobile and online banking systems.

The bank has the widest branch network in the country, as well as a representative office in Paris. Ardshinbank is the only company in Armenia holding ratings awarded by three leading rating agencies: Standard & Poor's (BB- (Stable)), Moody's (Ba3 (Stable)) and Fitch (BB- (Stable)), all on the level of the sovereign.