YEREVAN, July 2, /ARKA/. Armenian Ardshininvestbank said it is offering a new   type of business credits to  private  resident entrepreneurs. A press release by the bank said the credits will be available only in foreign currency. It said credits in Euro will be issued at  20% interest rate  and in USD at 22% interest rate.

The new credits are repayable in three years  and must be secured by collateral that must cost  50% higher than the amount of requested loan. The minimum amount of a credit to a borrower is an equivalent of 1 million Drams and the maximum is an equivalent of 15 million Drams.

The majority stake of 86.62% in Ardshininvestbank is owned by Business Investments Center  and 10% by International Financial Corporation (IFC). The bank is an affiliated member of international MasterCard/Europay payment system and has a share in Armenian Card.  The bank has 49 branches in Armenia, six in Nagorno-Karabakh and an office  in Paris, France.  ($1 – 367. 67 Drams).-0-