Armenian Ameriabank intends to attract $50 million from IFC, FMO/DEG

27.01.2010 19:50
Armenian Ameriabank intends to attract $50 million from IFC, FMO/DEG

YEREVAN, January 27. /ARKA/. Armenian Ameriabank intends to borrow $50 million from international organizations for financing three credit programs, Artak Hanesyan, director general of Ameriabank, said Tuesday at a pres conference.

“We intend to sign relevant agreements with AFC, FMO and DEG in 2010 for attracting $50 million from them. The negotiations over the matter are coming to an end and we are working out contracts now,” he said.

Hanesyan said that these funds will be targeted for three programs – small and mid-scale business crediting large business crediting and trade financing.

He said that FMO/DEG will lend $30 million and IFC $20 million to the bank.

“We are planning to attract another $15 million from another organization, but taking into account that negotiations are not completed so far, we don’t provide additional information.”

Hanesyan said that the bank signed two agreements with IFC in 2009.

One of these agreements was signed in June for financing trade and the other in December for financing small hydro power plants.

In December 2009, FMO/DEG allocated $30 million, of which $20 million is intended for financing businesses and $10 million for financing small hydro power plants.

FMO and DEG are large international organizations.

The Netherlands Development Finance Company (FMO) – is the international development bank of the Netherlands.

The bank inverts venture capital in companies and financial organizations of developing countries.

FMO, one of the world biggest development banks, finance the private sector.

Its investment portfolio amounts to €4.2 billion.

The bank’s mission is to establish companies and financial organizations that can lay ground for sustainable growth of a country’s economy.

DEG is a segment of KfW Bankengruppe that finance private companies’ investments in emerging economies.

DEG is one of the largest European institutions of financing and development.

The Ameriabank CJSC (former Armimpexbank) was founded in July 1992 using the facilities of the Armenian branch of the USSR Vnesheconombank (Foreign Economy Bank). On September 8, 1992, the bank received its license from the Central Bank of Armenia.

In August 2007, TDA Holdings Limited, affiliated with Troika Dialogue, Russia’s leading investment company, purchased the bank’s shares. -0--


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