BSTDB SUPPORTS THE MODERNISATION OF AN ARMENIAN MALT PROCESSING ENTERPRISE
Press Release | 27-Jul-2006
The Black Sea Trade and Development Bank (BSTDB) has signed a loan agreement with CJSC “Beer of Yerevan”.
The loan in the amount of Euro 2.1 million has a tenor of 5 years and will be used to finance the modernisation of “Armamast LLC”, a malt-processing enterprise and related party of CJSC “Beer of Yerevan” located in the town of Gyumri.
In order to facilitate the due diligence and to assist the client in the project preparation, BSTDB used the Technical Assistance Fund provided by the Government of the Hellenic Republic.
“We are very pleased to participate in the capital expenditure program of CJSC “Beer of Yerevan” in the Shirak Region, the area of Armenia which requires financial support and investments. The fact that our funds will be spent where they are needed most gives us an additional satisfaction. We believe that the modernisation of Armamast malt processing facilities will contribute favorably to the development of the agricultural and food processing sector of Armenia, help create new jobs and result in a transfer of modern technology and know-how” said Mr. Mikhail Jernov, BSTDB Vice-President Banking.
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CJSC “BEER OF YEREVAN” is a closed joint stock company incorporated in Yerevan, Armenia. The Company is one of the major players in the Armenian beer market. CJSC “Beer of Yerevan” is producing more than 10 types of beer as well as fruit juices, mineral water and soft drinks.
BSTDB is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. With an authorized capital of SDR 1 billion (approx. USD 1,45 billion), the Bank supports economic development and regional cooperation by providing financing, guarantees, and equity for projects in the public and private sectors in its member countries. BSTDB is rated Long Term Baa2 and Short Term P2 by Moody’s.