YEREVAN, April 3. /ARKA/. Armenia’s Ardshinbank closed joint stock company has signed a loan agreement worth $10 million with the OPEC Fund for International Development (OFID) in Vienna on March 31, the bank’s press office reported.

The agreement was signed by OFID general director Suleiman Jasir Al-Herbish and the head of Ardshinbank board Mher Grigoryan.

The loan will be used to fund projects of small and midscale companies engaged in construction and maintenance of small hydro power plants in Armenia, according to the report.

The parties have successfully cooperated since 2010, and this agreement brought the total value of cooperation up to $20 million, says the report.

Head of Ardshinbank directors’ board Grigoryan stressed the strategic importance of hydro power projects for Armenia’s economy at the signing ceremony.

Grigoryan expressed confidence the cooperation with the OFID will further develop and strengthen.

OFID general director, in his turn, said he is happy with another opportunity to support Armenia’s economy and the energy sector.

OFID was established in 1976 by OPEC member states to facilitate economic and social development in the member states and to provide financial assistance to developing countries.

Ardshinbank was founded in 2002 (Ardshininvestbank was renamed to Ardshinbank in November 2014). The bank was granted a banking license in 2003. In the same year it acquired a substantial portion of the assets, liabilities and the branches of Ardshinbank as well as the major part of the business of Armagrobank.

The bank has been among leaders of the Armenian banking system in terms of a number of indicators and coverage in the country (55 branch offices).

The bank’s assets amounted to 369.1 billion drams in 2014 (37% growth); liabilities were 321.7bln drams (42.8% growth), total capital – 47.4bln drams (7.4% growth) and loan investments were 220.1bln drams (27.8%). The bank earned 4.2 billion drams in net profit in 2014, as compared to 6.4 billion drams the year before. ($1 – 472.37 drams). –0—