ARDSHINBANK published its financial results for the first quarter of 2015, continuing to demonstrate a sustainable growth.
Ardshinbank and the OPEC Fund for International Development (OFID) signed a US$10 million loan agreement on March 31, 2015 in Vienna. The agreement was signed by Mr. Suleiman Jasir Al-Herbish, the Director-General of the OPEC Fund for International Development and Mr. Mher Grigoryan, the Chairman of the Management Board of Ardshinbank.
Mr Jan van Bilsen is IFC’s newly appointed Regional Manager for the South Caucasus.
Amulsar requires a very large investment. Construction costs are estimated at US$426 million. There are also other costs and contingencies to fund, which will likely add an additional 10-20%.
By results of the year, the Bank has strengthened its position among the top three of the banking system by all key indicators. Net profit income for the year 2014 has been AMD 4,2bln.
The company will also pay approximately US$ 1m a year to local government budget in the form of land payments. However, the impact of the project on the economy will be significant also in terms of employment in the region, and the multiplier effect an operation like Amulsar will have on local businesses.
Interview with the Executive Vice President of Lydian International Didier Fohlen.
The next major station on the way is the summit in Riga in May 2015. Hopefully, at that point we will be able to confirm that further progress has been made and take new steps to develop our relation. Armenia has a committed partner in the EU – we are here for the long term.
The economic development of the past years in Armenia has been mostly due to the mining industry as during the past five years the growth in this industry was almost doubled.
Besides analyzing the economic developments in 2013, the WB’s experts put down forecast for this and next year as well. The report forecasts that this year and in 2015 Armenia’s economic growth rate may be 5%. According to the WB, Armenia’s GDP per capita will be 3,752 dollars this year, and 4,110 next year.
