Yerevan /Mediamax/. “Elite Group” Company signed loan agreements today with International Finance Corporation (IFC) and European Bank for Reconstruction and Development (EBRD) for $5.4mln and $3.6mln respectively.

Mediamax reports that the means will be directed at constructing an 18-storied business center in Yerevan. IFC Regional Director for the Caucasus Thomas Lubeck noted that IFC means will contribute to developing the spheres of real estate and construction, which make an important part of the Armenian economy.

Senior Banker of EBRD Yerevan Office Alexander Babayan stated that this is the second joint program with “Elite Group” Company, and construction of the new business center will attract local and foreign customers.

Armenian Prime Minister Tigran Sargsian reminded that within the framework of the crisis prevention program of the government, “Elite Group” Company was provided governmental guarantees and “we are glad to inform that this measure fully justified itself and the means are returned to the state budget”.