European Bank for Reconstruction and Development (EBRD) and "Elite Group" company signed today an agreement on medium-term loan in the Fresco hall of the Armenian National Gallery. The document has been signed by the head of "Elite Group" company Armen Mkoyan and head of the Armenian office of EBRD Valeriu Razlog. Armenian Prime Minister Tigran Sargsyan, EBRD regional director Paul Henry Forstier, Armenian Finance Minister Tigran Davtyan, head of the Armenian Union of Manufacturers and Businessmen Arsen Ghazaryan, members of the Government and businessmen were present at the ceremony of signing. With the agreement 5.5 million USD credit is provided to the leader of the construction sphere in Armenia "Elite Group" company as well as 130 000 euro of grant for the encouragement of the innovations implemented in the energy saving sphere. According to the Prime Minister Tigran Sargsyan, the signing of this agreement has an important role it will assist to smoothen the results of the financial-economic crisis. The Prime Minister congratulated the present on the signing of the agreement and expressed gratitude to P. Henry Forstier stressing that in spite of the negative impact of the crisis and serious risks discovered in different spheres including the construction he is sure the credit means will assist the Armenian economy. "I am glad to be in Armenia; this is the second time we are implementing a credit project in Armenia and I hope it will become a tradition. We are providing credit to the Armenian economy through "Elite Group". It is pleasant for us to mention that the EBRD has spent nearly 1 million Euro in the Armenian energy efficiency sphere. I hope there will be other occasions for us to assist the Armenian economy," P Henry Forstier said.