Cascade Credit Issued Armenian Bonds Gain USAID Guarantee

YEREVAN (ArmenPress)–Cascade Credit CJSC and the United States Agency for International Development (USAID) signed a loan guarantee agreement on Tuesday–whereby USAID has agreed to guarantee Cascade Credit CJSC issued bonds.

US Ambassador John Evans–USAID Country Mission Director Robin Phillips–and Cascade Credit Executive Director Garegin Gevorgyan signed the agreement at Cascade Capital Holding headquarters in Yerevan–Armenia.

This agreement will provide a partial guarantee of Cascade Credit bonds to be issued and traded on the Armenian Stock Exchange (ARMEX).

If necessary–the guarantee will cover up to 50 percent of the principal amount of Cascade Credit’s public debt. The proceeds from the bond issuance will be primarily used for financing Armenian exports.

A subsidiary of Cascade Capital Holdings–Cascade Credit CJSC is a non-banking credit organization actively engaged in developing the Armenian Public Corporate Debt market–by introducing a range of financial products and concepts specifically tailored for Armenia. It aims to become a major mediating financial player in Armenia–focusing on identifying market inefficiencies and eliminating them through profitable strategies. Cascade Capital Holdings is 100% owned by the Cafesjian Family Foundation (CFF)–a United States 501(C) 3 organization.

According to Garegin Gevorgyan–Executive Director of Cascade Credit–"the USAID partial guarantee for bonds to be issued by Cascade Credit will pave the way for development of capital markets in Armenia by illustrating the viability of public corporate debt market."

"It is also a major step towards Cascade Capital’s goal to become a financial market leader in Armenia and the Caucasus," elaborated Jonathan Stark–Deputy Director of Cascade Capital Holdings.

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