Yerevan/Mediamax/. German SIEMENS corporation is commissioned by Armenian ASCE GROUP to lead the  reconstruction and upgrading of a steel-making plant in Charentsavan, Armenia.

The project budget is $26 mln, out of which $15 mln will be funded by Ameriabank through bank\'s trade finance facilities.

Ameriabank financed this project through the Global Trade Finance Program of IFC.

«We are proud to fund the construction of a metallurgical plant in line with the best international practices. It will boost industrial output and total GDP, create new jobs, and provide a competitive domestic source of steel fixtures to substitute imports. Ameriabank also highly values cooperation with IFC which funding made it possible to finance such projects under very competitive terms», - Gagik Sahakyan, Ameriabank\'s Corporate Banking Director stated.