YEREVAN, July 14, /ARKA/. As an investment bank Armenian Ameriabank has successfully negotiated attraction of two loans from two major international lending organizations to support construction of Elite Plaza, the first high-class multipurpose office building in Yerevan.
According to a press release by Ameriabank, IFC, a member of the World Bank Group and the European Bank for Reconstruction and Development will provide loans of $5.4 million and $3.6 million, respectively, to Elite Group, one of the leading property development companies to build an 18-store building that will accommodate office, retail, conference, and exhibition areas to meet the growing demand for high-quality office space in Armenia.
Ameriabank said it acted as a financial and legal consultant for negotiating the loan and secured development of required financial models, provision of consulting services, conduction of talks and signing contracts as well as other assistance.
Earlier IFC said that in addition to long-term financing it 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.
The investment is a part of the two institutions’ regional strategy to support development of infrastructure in emerging markets. According to Ameriabank, the loans will be provided at lower than current interest rates.—0–
