YEREVAN, April 19. /Mediamax/. The Overseas Private Investment Corporation (OPIC) has completed its first finance project in the South Caucasus region, an 18$ million loan to an American company, A.K. Development LLC, for the renovation of the historic Hotel Armenia. The U.S. Ambassador to Armenia, Michael Lemmon told this today at the ceremony of signing of loan allocation certificates.
Ambassador Lemmon noted that within the frames of “Hotel Armenia” project, the International Finance Corporation (IFC) has also invested $3.6 million in A.K. Development, in its first investment in Armenia. The American Ambassador said an American company from Marriott International, Inc. will manage Hotel Armenia. Michael Lemmon noted that once the renovation program is complete, the facility will be named the Armenia Marriott Hotel. The total amount of Hotel Armenia project makes $53 million.
The Overseas Private Investment Corporation is an independent self-sustaining U.S. Government agency that sells political risk insurance. OPIC operates in more than 140 developing nations worldwide. –0–
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