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EBRD DEVELOPS CAPITAL MARKETS IN ARMENIA
Economic News (Information Agency Oreanda), Russia
February 10, 2014 Monday
Tsakhkadzor. OREANDA-NEWS . February 10, 2014. The development of
Armenian capital markets was the focus of a conference that took
place in the Marriott Hotel in Tsakhkadzor, Armenia.
The conference was jointly organised by the European Bank for
Reconstruction and Development (EBRD) and NASDAQ OMX Armenia, with
support from the Central Bank of Armenia. The event brought together
over 100 participants from private companies, as well as government
officials and other stakeholders, to discuss the challenges and
opportunities associated with building robust capital markets in
Armenia.
Top managers attended from local banks, potential issuers of corporate
bonds, Armenian and regional central banks, stock exchanges,
clearing and settlement institutions, rating agencies, domestic
and international investors, as well as officials from the Ministry
of Finance. Participants examined the global and domestic context,
taking into account market views and how the EBRD and other donors
can help to address the development needs of Armenian capital markets.
The forum was opened by Arthur Javadyan, Chairman of the Central Bank
of Armenia, David Sargsyan, Minister of Finance and Andre Kuusvek,
EBRD Director for Local Currency and Capital Market Development.
The EBRD is a key investor in Armenias private sector and an advocate
for further development of the local currency and capital markets.
Capital markets promote economic growth and welfare generation by
mobilising financial resources and facilitating their efficient
allocation. Investors stand to benefit from a more robust market by
having a wider range of instruments in which to invest and hedge,
while issuers will have access to a broader selection of tools to
finance their investment needs, said Mark Davis, Head of the EBRD
Yerevan Office.
This conference coincides with the EBRD issuing its first
publicly-auctioned local currency bond in Armenia, the proceeds of
which the Bank is channelling into its local dram investment portfolio.
This is a signal that Armenian markets are open to the international
investment community, while helping to align the currency and maturity
balance-sheet compositions of both participating investors and dram
borrowers, added Mr Davis.
Armenia has a well-structured mandatory pension system, which will
contribute to, and benefit from, a robust capital market. One
anticipated result of the conference will be the creation of a
public-private policy dialogue platform between private sector
players, regulators and government to pave the way for a modernised
and sustainable infrastructure that will benefit all parties.
With recent developments and the joint efforts of all market players
to build more efficient, transparent and attractive capital markets
in Armenia, we see growing interest from the international financial
community, said Konstantin Saroyan, CEO, NASDAQ OMX Armenia. This
conference is additional proof of our market attractiveness. We
will strive to develop this further and to create a marketplace that
facilitates investment in the Armenian economy."
As a result of efficient cooperation we managed to secure the
participation of the EBRD and the International Financial Corporation
in Armenian capital markets. Recently, these institutions made their
first Armenian dram-nominated bond placements. This will create
high-quality investment instruments and a favourable investment
environment, both of which are especially important for the efficient
management of pension funds. It also paves the way for other companies
to consider capital markets as alternative sources of attracting
investment, said Arthur Javadyan, Chairman of the Central Bank of
Armenia, opening the conference.
The conference is funded through the EBRD Shareholder Special Fund
which allows the EBRD to support local currency and capital markets
development through institutional capacity building.
From: Emil Lazarian | Ararat NewsPress
Economic News (Information Agency Oreanda), Russia
February 10, 2014 Monday
Tsakhkadzor. OREANDA-NEWS . February 10, 2014. The development of
Armenian capital markets was the focus of a conference that took
place in the Marriott Hotel in Tsakhkadzor, Armenia.
The conference was jointly organised by the European Bank for
Reconstruction and Development (EBRD) and NASDAQ OMX Armenia, with
support from the Central Bank of Armenia. The event brought together
over 100 participants from private companies, as well as government
officials and other stakeholders, to discuss the challenges and
opportunities associated with building robust capital markets in
Armenia.
Top managers attended from local banks, potential issuers of corporate
bonds, Armenian and regional central banks, stock exchanges,
clearing and settlement institutions, rating agencies, domestic
and international investors, as well as officials from the Ministry
of Finance. Participants examined the global and domestic context,
taking into account market views and how the EBRD and other donors
can help to address the development needs of Armenian capital markets.
The forum was opened by Arthur Javadyan, Chairman of the Central Bank
of Armenia, David Sargsyan, Minister of Finance and Andre Kuusvek,
EBRD Director for Local Currency and Capital Market Development.
The EBRD is a key investor in Armenias private sector and an advocate
for further development of the local currency and capital markets.
Capital markets promote economic growth and welfare generation by
mobilising financial resources and facilitating their efficient
allocation. Investors stand to benefit from a more robust market by
having a wider range of instruments in which to invest and hedge,
while issuers will have access to a broader selection of tools to
finance their investment needs, said Mark Davis, Head of the EBRD
Yerevan Office.
This conference coincides with the EBRD issuing its first
publicly-auctioned local currency bond in Armenia, the proceeds of
which the Bank is channelling into its local dram investment portfolio.
This is a signal that Armenian markets are open to the international
investment community, while helping to align the currency and maturity
balance-sheet compositions of both participating investors and dram
borrowers, added Mr Davis.
Armenia has a well-structured mandatory pension system, which will
contribute to, and benefit from, a robust capital market. One
anticipated result of the conference will be the creation of a
public-private policy dialogue platform between private sector
players, regulators and government to pave the way for a modernised
and sustainable infrastructure that will benefit all parties.
With recent developments and the joint efforts of all market players
to build more efficient, transparent and attractive capital markets
in Armenia, we see growing interest from the international financial
community, said Konstantin Saroyan, CEO, NASDAQ OMX Armenia. This
conference is additional proof of our market attractiveness. We
will strive to develop this further and to create a marketplace that
facilitates investment in the Armenian economy."
As a result of efficient cooperation we managed to secure the
participation of the EBRD and the International Financial Corporation
in Armenian capital markets. Recently, these institutions made their
first Armenian dram-nominated bond placements. This will create
high-quality investment instruments and a favourable investment
environment, both of which are especially important for the efficient
management of pension funds. It also paves the way for other companies
to consider capital markets as alternative sources of attracting
investment, said Arthur Javadyan, Chairman of the Central Bank of
Armenia, opening the conference.
The conference is funded through the EBRD Shareholder Special Fund
which allows the EBRD to support local currency and capital markets
development through institutional capacity building.
From: Emil Lazarian | Ararat NewsPress