The International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) signed a contract with the Elite Group construction company for a U.S. $5.4m credit and a U.S. $3.6m credit respectively for the construction of an 18-storey office building.

The contract was signed at the opening ceremony of the Aghveran hotel, which has been constructed by Elite Group. At the signing ceremony RA Prime Minister Tigran Sargsyan pointed out the company’s successful cooperation with international institutions.

The Elite Group Company specializes in constructing elite housing and office buildings, interior design and building maintenance. In 2009, the RA Government made a decision on U.S. $2.5m government guarantees to Elite Group.