ArmInfo.

ArmInfo.SHASTA, the large Iranian holding, the investment arm of the Social Security Investment Company (SSIC), is considering investing in a number of areas in  Armenia. This became known after the meeting of the Minister of  Economy of Armenia Vahan Kerobyan with the delegation of the Iranian  holding, headed by Director General Mohammad Rezvanifar.

ArmInfo.Private equity fund Amber Capital Armenia,  supported by the European Bank for Reconstruction and Development  (EBRD) and the European Union (EU), has acquired Solis, an Armenian  solar plant operator, to build and operate a 4 MW photovoltaic (PV)  solar power plant in Aragatsotn, western Armenia. The parties to the  transaction did not disclose the amount of the transaction and the  volume of investments in the project. Nevertheless, according to  experts, the total volume of investments may amount to about 2 - 2.5  million US dollars.

ArmInfo.

ArmInfo.In a month, the petrochemical plant in the Nati district of the city of Yeghvard, Kotayk region, will start producing machine oil and bitumen. "The  construction of the plant was completed two years ago, but due to a  number of artificially created problems, we could not start  production in any way," General Director of "Armoil" CJSC Alfred  Abedi said in an interview with ArmInfo.

ArmInfo.In Q1 2021, the inflow of transfers to Armenia increased in February-March, when labor migrants managed to go abroad to work. Executive Director of the  Union of Banks of Armenia (UBA) Seyran Sargsyan stated this on May 19  during a press conference, stating that in Q1 2021, the inflow of  transfers from individuals to Armenia increased by 14.7% per annum or  $ 52 million, amounting to $ 406 million.

ArmInfo.In Q1 2021, deposits in the banking system of Armenia decreased by 0.2%, but increased by 4.9% or by 173 billion drams on a y-o-y basis, amounting to 3.7  trillion drams. Executive Director of the Union of Banks of Armenia  (UBA) Seyran Sargsyan announced this on May 19 at a press conference.   At the same time, he noted that the growth was noted in the deposits  of residents - by 4.4% over the quarter and by 9.9% over the year. At  the same time, deposits of non-residents showed a decrease both in  the first quarter by 12.2% and in annual terms by 8.2%.

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ArmInfo.The Union of Banks of Armenia (UBA) pointed to a strong correlation between the activity of the sectors of the economy and the growth of lending. In particular,  as the Executive Director of the UBA Seyran Sargsyan noted during a  press conference on May 19, the increase in lending in Armenia was  registered in those areas that managed to recover or not suffer  during the coronavirus crisis and in the post-war period.

ArmInfo.The Union of Banks of Armenia (UBA) does not see any serious reasons for concern regarding the level of non-performing loans (NPL) in the banking system of  Armenia. Executive Director of the UBA Seyran Sargsyan stated this  during a press conference on May 19.

ArmInfo. The legislator changes the rates of excise tax deductions transferred to the Military Insurance Fund (1000 AMD Fund) for individual entrepreneurs. On May 19, the profile commission of the parliament approved a legislative bill "On  compensation for damage inflicted on the life and health of  servicemen during hostilities."

ArmInfo. A delegation of the Armenian Ministry of Economy, headed by Deputy Minister Varos Simonyan, will visit the capital of the Russian Federation, Moscow,  on May 25- 27.

ArmInfo.AraratBank and FMO, the Dutch entrepreneurial development bank — highlighting the financial inclusion — signed a loan agreement for a total amount of USD 25 million.

ArmInfo. The only good news for our public at the end of last year was perhaps the announcement by brothers Alexander and Hayk Yesayan about the appearance of a national telecom operator on the market.

ArmInfo. By the end of 2020 VTB Bank (Armenia) ensured a record profit of 2 billion AMD over the past few years. The press service of the bank told ArmInfo about this, referring to the published annual reporting in accordance with IFRS.

ArmInfo. The Central Bank of Armenia intends to revise the forecast of the country's economic growth for 2021 towards improvement. 

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ArmInfo. Representatives of the catering sector are beating the alarm - the Armenian government, within the framework of measures to cover the "tax gap", and in  violation of previously reached agreements, initiates tax changes.

ArmInfo. President of the Union of Manufacturers and Businessmen of Armenia (UMBA) Arsen Ghazaryan and Anna Donchenko, Trade Representative of the Russian Federation in Armenia, discussed the prospects for deepening trade ties.

ArmInfo.The Ministry of Economy of Armenia is taking steps to change the tax policy for  agro-processors. Minister of Economy Vahan Kerobyan said this during  a meeting with representatives of companies engaged in the processing  of agricultural products yesterday.