Mon, 9 June
28.1 C
Yerevan
USD: 384.44 RUB: 4.83 EUR: 434.11 GEL: 140.51 GBP: 515.15

EBRD to finance Saranist glass manufacturer in Armenia

YEREVAN, December 23. / ARKA /. The European Bank for Reconstruction and Development is lending $3 million to Saranist, an Armenian producer of glass bottles and jars, to help the company increase its production capacity and diversify its product range.

“The company was founded in 1989 as a small-scale bottle plant. Saranist has since become one of the leading glass manufacturers in Armenia. It produces a variety of clear and coloured glass jars and bottles, which are sold both domestically and exported to Georgia,” the press-service of the company reported on Wednesday.

The proceeds of the EBRD loan will be used to build an energy-efficient new furnace and glass production line. In addition to this, raw materials will be purchased to expand the manufacturing process.

The press-release also stated, that the project will enable Saranist to launch the production of new products, such as thick-bottomed jars.

“Supporting private businesses is one of the EBRD’s key priorities in Armenia and we are pleased to help Saranist in its drive to expand production especially in these difficult market conditions”, Gilles Mettetal, EBRD Director for Agribusiness said.

To date the EBRD has committed over €335 million across more than 70 projects in various sectors of the Armenian economy.  –0-

spot_img

POPULAR

Dollar and ruble exchange rates against Armenian dram rose, while euro fell

The average market exchange rate of the US dollar to the Armenian dram, as of April 2, 2025, rose by 0.06 points compared to April 1, reaching 391.16 drams.

US dollar slightly down  against dram

The average market exchange rate of the U.S. dollar to the Armenian dram on May 7, 2025, decreased by 0.18 points compared to May 6 and amounted to 389.28 drams.

Euro exchange rate increases by 0.87 points to 433.28 AMD

The average market exchange rate of the U.S. dollar to the Armenian dram on April 10, 2025, decreased by 0.7 points compared to April 9 and amounted to AMD 391.08.

US dollar exchange rate unchanged, euro and ruble rise

The average market exchange rate of the U.S. dollar to the Armenian dram on March 7, 2025, remained at 394.58 drams, unchanged compared to March 6.

Central Bank leaves refinancing rate unchanged taking into account high uncertainty in US economic policy

The Central Bank of Armenia decided today to leave the refinancing rate unchanged at 6.75% taking into account a set of factors such as  the continued high uncertainty surrounding the US economic policy, declining confidence in the global economy, growth slowdown and  a possible  weakening demand in Armenia, the head of the regulator Martin Galstyan said at a press conference on Tuesday.

LATEST NEWS

spot_imgspot_imgspot_img