YEREVAN, September 16, /ARKA/. Armenian Ameriabank said today it has completed the process of introducing a system designed to manage environmental and social risks. The system was introduced with the assistance of FMO (Nederlandse Finansiering-Maatschappij Voor Ontwikkelingslanden N.V. and DEG (Deutsche Investitions - und Entwicklungsgesellschaft MBH).

In 2009 December FMO and DEG signed an agreement with Ameriabank to provide it with a $30 million loan, $20 million of which was to be on-lent to small and medium businesses and $10 million to finance renewable energy projects.

‘It is our first investment program in Armenia. It is a pilot program that has been accomplished successfully. As a result Ameriabank has introduced the system for management of environmental and social risks,’ Jurgen Rigterni, FMO board chairman told a news conference today in Yerevan. He said it was the first such program implemented in the CIS.

“Ameriabank has surpassed all our expectations as it took it three months to carry out all required work,’ he said. Ameribank was awarded the letter of gratitude by f FMO and DEG for successful accomplishment of the program.

Ameriabank chief executive officer Artak Hanesian said the new system will not only help the bank improve its operations, but also boost economic recovery and resolve environmental problems. -0-