EBRD gives positive signal to world investors interested in Armenia's financial market

YEREVAN, FEBRUARY 10, ARMENPRESS: On January 31 2014 the European Bank for Reconstruction and Development (EBRD) carried out a total nominal value of 2 billion bond issue. It was the first international financial organization, which implemented the public distribution of its bonds through NASDAQ OMX Armenia. Armenpress had a talk with the Head of the Yerevan Office of the European Bank for Reconstruction and Development Marc Davis about the first dram bonds issue made by the international organization and the prospects of the Armenia’s capital market.

- Mr. Davis, the European Bank for Reconstruction and Development has already issued and distributed the first dram bonds. What objectives will the collected funds serve for? Are you satisfied with the results?

- The development of the local capital markets is one of the issues, which are constantly in the center of attention of EBRD. The issuance of the dram bonds by the European Bank for Reconstruction and Development is a positive signal in the local market to the national and world investors that the market system in Armenia and the technologies and substructures introduced in it correspond to the EBRD standards. We are successfully cooperating with the Central Bank, NASDAQ OMX Armenia and the Ministry of Finance to prepare that institutional circle. We have successfully issued the first dram bonds with the value of about $5 million. They are short-term floating rate bonds, the public distribution of which took place through NASDAQ OMX Armenia. Now we use the collected funds in the programs implemented by us in Armenia

- Will this be the only dram bonds issuance by EBRD?

- No, we intend to continue the process. We pay quite a great attention to the dram crediting in Armenia. EBRD carries out more than 23 projects in drams and from now on it will continue the activities. (THE FULL VERSION OF THE INTERVIEW IS AVAILABLE IN ARMENIAN)