Ameria Group real estate management Company Prodeco cjsc has successfully raised $18mln long term senior debt from IFC & DEG to launch around $40mln worth construction of the first green A-class business center in Armenia to be delivered in late 2016.

The capsule lying ceremony held by Property Development Company (Prodeco) celebrated the start of Kamar Multifunctional Complex construction on November 6, 2014. Being designed in compliance with the best international standards, the complex will be the first green commercial building in Armenia promoting energy efficiency and certified by BREEAM, a global leader in the design and assessment of sustainable buildings.

The total value of the project is close to $40 million. IFC, a member of the World Bank Group, will provide a $9 million loan on its own account and mobilize another $9 million loan from DEG (Deutsche Investitions und Entwicklungsgesellschaft mbH). The rest of the investment will be provided by Property Development Company CJSC on its own account.