YEREVAN, December 28. /ARKA/. Byblos Bank Armenia fully placed $5 million in 2011 allocated by European Bank of Reconstruction and Development (EBRD) directing the provided money mainly to industry, service and food processing spheres, press-service of the Bank informed on Wednesday to ARKA News Agency.

According to the press-release, in the frames of the recently signed agreement between Byblos Bank Armenia and European Fund of South-Eastern Europe, the bank was provided credit in the amount of 875 million drams and $3 million. These funds are envisaged for funding of Small and Medium-sized Businesses (SMB) in Armenia.

“Negotiations of Byblos Bank with other international financial structures are coming to an end, in the result of which in the first quarter of 2012 the Bank will get long-term crediting in larger size”, said CEO of Byblos Bank Armenia Ararat Ghukasyan. He said that new funds will be directed at the programs of SMB development and mortgage financing programs.

Lebanese “BYBLOS BANK” SAL (“Byblos Bank” SAL) is the main shareholder with the share of 65% since October 2007 of Armenian “ITB” International Trade Bank (in future renamed Byblos Bank Armenia). Other shareholders of the Bank are EBRD (25%) and International Development Fund OPEC. (10%). -0-