Within Shirak Economy Development Program initiated by owner of Armswissbank, founder-owner of Frank Muller Watchland, Swis-Armenia philanthropist Vartan Sirmakes, the first funding was allocated.

The project was initiated by Vartan Sirmakes within his visit to Armenia in July 2015.

Vartan Sirmakes allocated USD1mln with 5% annual interest rate and 7 years of maturity period. The project of Gyumri textile production was funded.

Under Shirak Economy Development Program, the loans are issued to operating companies as well as those that tend to expand.

Armswissbank told Banks.am that the company has long been successful in the field and the funding will cover the expansion of the company’s operation.

It is expected that as a result of the funding of the project, the company will create 150 workplaces including 50 in the first quarter of 2016 and 100 until the end of the year.

Armswissbank stressed that a few other programs are now being discussed.