YEREVAN, May 25. / ARKA /. Armenian Central Bank governor Artur Javadyan said today the government is negotiating the sale of its share in the Panarmenian Bank with potential investors. Speaking at a parliamentary discussion of 2014 state budget performance, Javadyan said the Panarmenian Bank actually failed to implement its original goals, largely because of crisis phenomena.
“We expected the bank’s capital to grow to $100 million because of preliminary agreements with various representatives of the Armenian Diaspora, who were willing to invest in the bank, but for various reasons they did not do so,’ said Javadyan.
He said attraction of private investors will allow using a variety of tools, including Diaspora bonds which will not increase the level of public debt.
The Panarmenian Bank is a development bank founded as a joint stock company. It was granted license in June 2011 and was officially opened on September 7. Its activities are regulated by the Central Bank of Armenia.
Its aim is to finance medium-sized private enterprises producing goods for export. To date, its only shareholder is the Central Bank of Armenia. Its authorized capital is 7.5 billion drams. ($ 1 – 478.32 drams). -0-
