Yerevan /Mediamax/. European Bank for Reconstruction and Development (EBRD) provided Armenian developer “Elite Group” CJSC a loan of $5.5mln and a grant of €130 thousands to encourage “Elite Group” company’s innovations in the sphere of energy conservation.

Mediamax reports that the loan agreement was signed by the Head of EBRD Yerevan Office Valeri Razlog and General Director of “Elite Group” Armen Mkoyan in Yerevan today.

Armen Mkoyan emphasized importance of the fact that “despite crisis, in conditions of which construction is considered one of the most risky spheres, EBRD believed in prospects of our company’s development”.

Armenian Prime Minister Tigran Sargsian present at the signing ceremony stated that “Elite Group” is one of the best developers in the country, reminding that the government provided the company with state guarantees for completing started objects. The Prime Minister expressed hope that confidence of the government and international financial structures towards developers will become a stimulus for investments in the construction sphere of Armenia by the private sector.

EBRD Regional Director Paul-Henri Forestier noted that by this loan EBRD “assist not only “Elite Group”, but the entire Armenian economy”.