Eurasian Development Bank to lend $20 million to Armbusinessbank

27.04.2010 21:09
Eurasian Development Bank to lend $20 million to Armbusinessbank

YEREVAN, April 27. /ARKA/. Eurasian Development Bank and Armbusinessbank have signed a $20-million credit agreement, Igor Finogenov, chairman of Eurasian Development Bank’s board, said Tuesday at the ceremony of opening the EDB resident office in Armenia.

“This credit is intended for development of small and mid-scale businesses in the country as well as implementation of trade financing projects,” he said.

Armbusinessbank established in 1991is a stable and fast-developing bank that maintains high quality of assets.

Its assets totaled AMD 115.8 billion ($290 million) and liabilities AMD 99 billion (247 million) by March 31, 2010.

The bank’s own capital amounted to AMD 16.7 billion ($42 million) and authorized capital AMD 13.45 billion ($33.5 million) by late March.

Armbusinessbank is actively lending money to the real sector of Armenia’s economy as well as small and mid-scale businesses.

The bank has two branches and serves more than 30,000 individuals and two companies.

Eurasian Development Bank was established by Russia and Kazakhstan in January 2006 to foster development of market economies of participant countries.

The bank’s authorized capital exceeds $1.5 billion.

The EDB member countries are Russia, Kazakhstan, Armenia and Tajikistan.

The bank’s investment portfolio consists of 20 projects in Russia, Kazakhstan and Tajikistan and exceeds $1.3 billion. ---0---

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