EFSE to provide $10 million loan to ACBA-CREDIT AGRICOLE BANK

14.12.2016 19:06
EFSE to provide $10 million loan to ACBA-CREDIT AGRICOLE BANK

YEREVAN, December 14. /ARKA/. ACBA-CREDIT AGRICOLE BANK and the European Fund for Southeast Europe (EFSE) have signed a loan agreement in Armenia's national currency for the equivalent of $10 million, the bank's press service reported. The loan will be used to finance agriculture and SMEs.
Cooperation between ACBA-CREDIT AGRICOLE BANK and EFSE began in 2013, when EFSE provided the Yerevan-based bank with two loans to assist in the financing of micro and small business in Armenia.

ACBA-CREDIT AGRICOLE BANK Chief Executive Officer Hakob Andreasyan said that the loan will help the bank strengthen its position in the financial and banking system of Armenia.

"We are delighted to deepen our cooperation with the European Fund for Southeast Europe and to obtain a new loan in the national currency. This deal will allow ACBA-CREDIT AGRICOLE BANK to step up lending to agricultural sector and SMEs, which are the cornerstone of our economic development," - he said,

EFSE Board Chairman Christoph Tiskens noted that effective cooperation between the two organizations, launched in 2013, has once again been confirmed by the third loan agreement.

ACBA was established in 1996 as part of EU’s TACIS program. As a result of a long-term and mutually beneficial cooperation between ACBA Bank and the French Credit Agricole the latter became the biggest shareholder of ACBA in 2006, September. ACBA was restructured, becoming a closed joint stock company and was renamed ACBA CREDIT AGRICOLE BANK. -0-


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