AGHVERAN, July 9. /ARKA/. International Finance Corporation (IFC) and European Bank of Reconstruction and Development (EBRD) will allocate credit in the total amount of &9 million to Armenian construction company “Elite Group” fro the construction of 18-storeyed office building in the center of Yerevan.

Relevant agreement was signed on Friday between representatives of three parties in the frames of the visit of Tigran Sargsyan, Armenian Prime Minister to Kotayk region.

IFC will allocate $5.4 million and EBRD - $3.6 million.

The building is envisaged for offices dealing with retail trade, conduction of conferences and exhibitions.

Construction of modern building corresponds to international standards and assists in the development of business-environment of Armenia.

Thomas Lyubek, Head of IFC said that the credit is provided for real estate and construction which play a great role in the economy and employment of the country.

“Cooperation with “Elite Group” will allow to establish business center corresponding to all the standards. We are ready to cooperate with other Armenian organizations”, said Lyubek.

Alexander Babayan, Leading banker of Yerevan office of EBRD said that it is the first joint project of two financial organizations in Armenia.

Multi-functional office building differs from its quality and corresponds to European standards.

The company “Elite Group” implements construction of residential and public houses, internal design and service of buildings. In 2009 the Government of Armenia adopted decision on providing state guarantees to construction company “Elite Group” in the amount of $2.5 million. -0-