YEREVAN, April 14. / ARKA /. A deputy governor of the Central Bank of Armenia said today the Pan-Armenian Bank did not implement an investment program in the country yet as the National Assembly was considering in the first reading a set of amendments to the Law on Pan-Armenian Bank, designed to address all issues concerning the composition of its Board and the possibility of issuing bonds to attract additional investment resources.
Speaking at the parliament Nerses Yeritsian said the Pan-Armenian Bank had no concrete investment projects yet, adding that a good basis to develop the bank was built.
He said the Pan-Armenian Bank was considering part of investments projects which are on the agenda of the National Competitiveness Fund and was looking also to identify most competitive projects in various sectors of the economy.
He said the proposed changes to the law would allow the Pan-Armenian Ban to attract additional funds for implementation of investment projects. He said negotiations were conducted with some international lending organizations to increase the Bank’s authorized capital.
The decision on the establishment of Pan-Armenian Bank was approved by the government in 2008. The Pan Armenian Bank is a public-private partnership of the government of Armenia and prominent Armenian businessmen (largely from Diaspora) with a $100 million authorized capital (20% came from the government) aiming to make the worldwide Armenian community stronger and more competitive.
Vahram Nercissiants was appointed as Executive Director of the Pan-Armenian in 2010 December. The bank’s board chairman is prime minister Tigran Sarkisian.
The Pan-Armenian Bank is a strategic investment tool rather than a mere trade bank to service such export-import-oriented entities as may enhance Armenia’s competitiveness on the global marketplace. In future, the Bank is scheduled to provide lending and investments in the Diaspora, too. The Pan-Armenian Bank is expected to start operations on May 1, 2011. -0-
