YEREVAN, August 15. / ARKA /. Gazelle Finance, a U.S. investment fund manager, has launched investment operations in Armenia targeting investments in high growth small and medium enterprises.
Working through its subsidiaries Gazelle Finance targets small and medium enterprises in the South Caucasus, Eastern Europe and Central Asia regions offering financing in US$100,000 to $1.0 million range per investment.
Gazelle Finance CEO Jeffrey Liebert said today that the Fund’s investment product is specifically designed for high growth emerging markets with economies that are trending towards an upper-middle income level.
The main shareholders of the Fund are U.S. government’s Overseas Private Investment Corporation (OPIC) and the Dutch Development Fund (FMO).
US Ambassador to Armenia Richard Mills noted that about $80 million will be available in the form of loans. He said the initiative to support small and medium-sized businesses was launched by the United States Agency for International Development (USAID), and today it is supported by OPIC, which holds one third of the Fund.
In his turn, Armenian Minister of Economic Development and Investments Artsvik Minasyan said
OPIC projects adhere to high environmental and social standards and respect human rights and by mandating high standards it aims to raise the industry and regional standards in countries where it funds projects.
“We are starting a new and important process in our economy: there is no economic development and achievements without social involvement and respect for the environment,” the minister said. He also expressed confidence that the arrival of Gazelle Finance to Armenia will be an incentive for the introduction of new management standards.
OPIC, established in 1971, mobilizes private capital to help address critical development challenges, and in doing so, advances US foreign policy and national security priorities.
The Dutch Development Fund (FMO) is the International Development Bank of that country. FMO is engaged in investing venture capital in companies and financial institutions in developing countries. -0-
