IFC and EBRD Support Improvement of Business Infrastructure in Armenia
OREANDA-NEWS. July 13, 2010. IFC, a member of the World Bank Group, is joining forces with the European Bank for Reconstruction and Development to facilitate development of business infrastructure and create employment in
IFC and EBRD will provide loans of USD 5.4 million and USD 3.6 million, respectively, to Elite Group, a leading property development company with operations in
In addition to long-term financing, which is not currently available in the market, IFC will provide Elite Group with sector expertise and know-how to help the company develop and operate its first office building project applying international safety and environmental standards, thus setting a market benchmark for other local developers.
“IFC’s investment will help support real estate and construction which form an important part of
The investment is a part of the two institutions’ regional strategy to support development of infrastructure in emerging markets.
“This project is EBRD’s second investment with the Elite Group, a company that is committed to implementing advanced technologies in its work,” said Sasha Babayan, the EBRD Banker at the Yerevan Resident Office.
“The new business center will set a precedent for high-quality standards in
IFC has been investing in