Ameriabank to channel EBRD $10 million loan into development of Armenia’s private sector

04.03.2010 21:34
Ameriabank to channel EBRD $10 million loan into development of Armenia’s private sector

YEREVAN, March 4, /ARKA/. Artak Hanesyan, chairman of the Management Board, General Director of Ameriabank, said today the bank appreciates highly the launch of cooperation with EBRD. He was speaking after signing an agreement with EBRD whereby it will provide the Armenian bank a $10 million loan for on lending to local companies under its Medium Sized Co-financing Facility (MCFF).

The loan is aimed at supporting the development of the private sector in Armenia and increasing further the availability of financing in the real economy sector.
Hanesyan expressed hope that the bank’s participation in this program will further expand the geography of its on-lending. He named renewable energy, food processing and some other sectors as priority directions.

Mike Taylor, EBRD Director, Financial Institutions, Central Asia, Caucasus, and Mongolia, said Ameriabank is one of the most dynamic banks in Armenia and ranked among the country’s most stable financial institutions. He said Ameriabank’s current corporate clients will be the project’s main beneficiaries and will receive long-term financial resources.

Levon Arevshatian, Ameriabank’s director in charge of corporate clients, said an average loan will be between $1-1$2 million. He said loans will be allocated in US Dollars.

Valeriu Razlog, head of EBRD Yerevan Office, said this agreement is part of EBRD’s strategy for Armenia with the main focus on supporting the private sector. Ruben Vardanian, Ameriabank board chairman, said he hopes that this cooperation will be lasting.

Ameriabank CJSC is one of the most dynamic banks in Armenia and ranked among the country’s most stable financial institutions. It is one of the first investment banks in Armenia, and since 2007 has been providing an extensive list of innovative banking products and services specifically tailored to meet its customers’ needs.  -0-


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