Cascade Credit CJSC Signs a Loan Guarantee Agreement with USAID

Yerevan - On August 30 at Cascade Capital Holding?s headquarters (5/1 H.Kochar St.), Cascade Credit CJSC and the United States Agency for International Development (USAID) signed a loan guarantee agreement according to which USAID will guarantee bonds to be issued by Cascade Credit CJSC. The loan agreement was signed by U.S. Ambassador John Evans, USAID Country Mission Director Robin Phillips, and Cascade Credit Executive Director Garegin Gevorgyan.

This loan agreement will provide a partial guarantee for bonds to be issued by Cascade Credit, which will be issued and traded on the Armenian Stock Exchange (ARMEX). The guarantee will cover up to 50% of the principal amount of Cascade Credit's public debt, should that need arise. The proceeds from the bond issuance will be primarily used for Armenian export financing.

Cascade Credit CJSC, a subsidiary of Cascade Capital Holdings, is a non-banking credit organization, actively engaged in developing the Armenian Public Corporate Debt market. Cascade Credit CJSC works to introduce a range of financial products and concepts that are specifically tailored for Armenia and aims at becoming a major innovative financial intermediation player in Armenia with a special focus 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.