EBRD supports Armenia’s Shen Holding with US$ 9.3 million loan

The EBRD is lending US$ 9.3 million to Shen Holding, one of the largest and leading building materials manufacturer and gypsum mine operator in Armenia and a long standing EBRD client. The proceeds of the loan will fund the construction of a new gypsum plaster production plant producing higher quality plasters with higher energy efficiency and isolation characteristics. Furthermore, the company will purchasespecialised vehicles, mining and auxiliary equipment, which will allow it to increase production volumes to satisfy the demand in the Armenian and Georgian markets with affordable quality products. HSBC Bank Armenia cjsc also provides parallel funding to Shen Holding, co-invested in purchase of energy efficient equipment. Founded in 1995, Shen Holding has been growing dynamically into the leading building materials producer in Armenia. The company’s products such as dry mixtures, paints, lacquers and concrete blocks are produced using locally sourced raw materials, offering a good quality alternative to more expensive imported products. ”Supporting private businesses is one of the EBRD’s key priorities in Armenia. Shen Holding has been a longstanding partner of our Bank for 10 years. We are pleased to help the company in its drive to expand the range of its high quality products,” said Mark Davis, Head of the EBRD office in Yerevan. The EBRD is one of the largest investors in Armenia. Since the beginning of its operations in the country in 1992, the Bank has invested over €650 million in 133 projects in the financial, corporate, energy and infrastructure sectors, with 87 per cent of investments in the private sector. The EBRD, owned by 64 countries and two intergovernmental institutions, is supporting the development of market economies and democracies.