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Ardshinbank signs $25 million trade finance facility with Citi and ADB

15.12.2017 16:00

Ardshinbank signs $25 million trade finance facility with Citi and ADB

YEREVAN, December 15, /ARKA/. Ardshinbank has signed a $25 million one-year Club Trade Finance Facility arranged by Citi with Asian Development Bank (ADB). ADB is supporting a portion of the facility through their Trade Finance Program (TFP) in the form of a guarantee, Ardshinbank said in a press release.

It said this is the first Club Trade Finance Facility arranged by Citi for Ardshinbank. Proceeds of this will support import and export transactions for top corporate customers of Ardshinbank, increasing the volume and value of trade transactions in Armenia’s key economic sectors, including energy, mining, and services.

“We are pleased to be at the forefront of providing much needed trade finance products to our corporate and small and medium-sized enterprises (SME) clients. It will not only diversify and strengthen our client base, but also serve our purpose to contribute to sustainable economic growth in Armenia,” said Mher Grigoryan, Ardshinbank’s Chief Executive Officer. “I would like to thank Citi, our long-term partner, and ADB for a fruitful collaboration and successful completion of the transaction.”

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