YEREVAN, October 6, /ARKA/. Armenian Anelik Bank plans to ask next March the European Bank for Reconstruction and Development (EBRD) for another $10 million loan for on-lending to small and medium companies, Anelik Bank board chairman, , Samvel Chzmachian, said to ARKA today.

Last Friday Anelik Bank and the European Bank for Reconstruction and Development signed an agreement in Yerevan whereby EBRD will provide Anelik Bank with a $6 million loan for on-lending to small and medium businesses. The loan will be on-lent both in Armenia’s national currency, the Dram and US Dollars, repayable in five years and the maximum largest amount of a loan is $500,000. Credits are available from October 2 to companies which have on their payrolls less than 100 workers and whose annual turnover is below 300 million Drams and the capital is not over 250 million Drams.

Samvel Chsmachian said the Bank expects to receive another $3 million loan from EBRD to finance an energy efficiency program. He said Anelik Bank and EBRD are partners since 2002 and since then the bank has received a total of $16 million finance various projects.

Some 51% in Anelik is owned by Lebanese CreditBank S.A.L., Samvel Chzmachian owns 12.25%, Arthur Arakelian- 12.25%, Armen Kazarian -12,25% and Galina Voronina-12.25%. The bank has 10 branches. O September 30 Anelik Bank’s total assets were worth 54. billion Drams, credit investments rose to 28. billion Drams. In the first half of the year it earned 266.9 million Drams in net profits. The bank has 10 branches in Armenia. ($1- 360.76 Drams). -0-