Yerevan /Mediamax/. HSBC provided “Star” supermarket chain with a long-term loan at the volume of $3mln.

As Mediamax was told in the press service of “Star”, Executive Director of the chain Vahan Qerobyan stated that the means will first of all be directed to fulfillment of commitments to the suppliers.

According to him, the plans of the chain for the nearest future include cooperation with suppliers within the framework of factoring. The given program is already in the process of elaboration and will be realized in the nearest future jointly with European Bank for Reconstruction and Development (EBRD) and one of the local banks.

“The advantages of factoring are unquestionable and significant, first of all for out suppliers. For us this factor is very important”, Vahan Qerobyan stated.

In 2009, “Star” plans to receive a loan at the sum of $4.5mln from EBRD, which is a shareholder of the company. Part of the means will be used for refinancing of short-term credits, received from local banks, the rest – for capital investments.

“Star” leadership is also in the process of talks with the International Finance Corporation on long-term financing for the term of 2009-2010 at the volume of $8mln.