Famous Swiss investor and benefactor of Armenian descent, founder and owner of world known Franck Muller Watchland, owner of ArmSwissBank Vardan Sirmakes made a decision to allocate 1 mln USD under Shirak Development Program to Gyumri textile factory for business expansion, as the press service of ArmSwissBank informed ArmInfo, the first part of financing was already made in January 2016.
According to the source, this sum is provided to the factory for a 7-year term and 5% annual preferential rate. This project beside business expansion makes another important condition that is opening of 150 jobs, from which 50 will be opened in Q1 2016 and the remaining 100 till the end of this year.
In the framework of Shirak Development Program loans are provided to running enterprises, which have serious growth prospect. Several other investment projects in the framework of the program are being discussed.
To note, beside ArmSwisBank Swiss businessman Vardan Sirmakes is also shareholder of Artsakhbank with 25.6% of share in the capital. He also invests around 150 mn USD in implementation of "Old Yerevan" investment construction program.
Vardan Sirmakes is chairman and co-owner of luxury watch brand Franck Muller. His watch factory under AWI brand operates in Armenia. He is the main financial donor of Armenian Diaspora in Switzerland and makes large investments in Armenia's economy.