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Armenia’s FINCA Credit Organization to receive $6-million loan and $200,000 in technical assistance grants from ADB

15.11.2017 16:17

Armenia’s FINCA Credit Organization to receive $6-million loan and $200,000 in technical assistance grants from ADB

YEREVAN, November 15. /ARKA/. The Asian Development Bank (ADB) is providing $6 million in loans and $200,000 in technical assistance grants to FINCA, one of the leading credit organizations in the country, to support micro, small and medium-sized enterprises (MSME) and farmers, helping them to raise income levels and employment, the press office of the Asian Development Bank reported on Tuesday.

“Low access to finance is a significant problem in Armenia,” the ADB says in its press release. “Only 18% of adults aged 15 and above have a bank account and out of the 130,000 small and medium-sized enterprises only 50% have access to finance, and this figure increases to 60%–70% in rural areas.”

ADB’s financing package will allow FINCA to provide long-term funds to clients. ADB’s funding will be used to support underserved populations, with up to 75% of ADB’s funding destined for MSMEs outside of Yerevan, and up to 70% used to onlend to agricultural borrowers.

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VTB Bank (Armenia) develops Super Card

14.11.2017 20:16

VTB Bank (Armenia) develops Super Card

VTB Bank (Armenia) said it has designed a new product, called Super Card, which offers a credit line with zero annual interest rate. The client pays only a monthly loan servicing fee (1.4% of the credit limit)

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Armenia to receive €80-million budget-supporting loan from Germany’s KfW

10.11.2017 14:39

Armenia to receive €80-million budget-supporting loan from Germany’s KfW

Armenia will receive a €80-million budget-supporting loan from Germany’s KfW Bank, Vardan Aramyan, Armenian finance minister, said Thursday at a regular cabinet meeting

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Armenian banks increase their reserves for possible loan losses by 17.7% to 177.3 billion drams

09.11.2017 16:44

Armenian banks increase their reserves for possible loan losses by 17.7% to 177.3 billion drams

Armenian banks increased their reserves for possible loan losses by 17.7% in the first 9 months of 2017 to 177.3 billion drams, according to ARKA news agency’s bulletin ‘Banks of Armenia” for the third quarter of 2017

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Anelik Bank offers gold-secured loans

31.10.2017 15:30

Anelik Bank offers gold-secured loans

Anelik Bank has launched a new campaign – it will provide gold-secured card loans until December 1, 2017 for up to six months at 8% and 9.5% interest rates for loans in foreign currencies and 11% and 12% for loans in drams, the press office of the bank reported on Monday

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Armenia to receive $40 million from ADB for fiscal and financial market reforms

25.10.2017 18:00

Armenia to receive $40 million from ADB for fiscal and financial market reforms

The Asian Development Bank’s (ADB) Board of Directors has approved a $40 million policy-based loan to help the Government of Armenia’s ongoing efforts to strengthen fiscal sustainability and support the development of financial markets in the country

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Inecobank receives 12.mln. USD loan from responsAbility Investments AG

02.10.2017 12:13

Inecobank receives 12.mln. USD loan from responsAbility Investments AG

On September 14, 2017 Inecobank received funding from responsAbility Investments AG sub-funds for a total amount of 12mln.USD which will be directed to micro enterprises financing, the bank said in a press release

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Kamurj credit organization offers new loan

08.09.2017 17:10

Kamurj credit organization offers new loan

Kamurj credit organization said it offers a new agricultural and business micro loan dubbed “Urgent” and the best terms for already operating microcredits

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Unibank unveils new loan type designed for medical personnel

05.09.2017 18:30

Unibank unveils new loan type designed for medical personnel

Unibank has unveiled today a new type of loan, which it has designed specifically for the personnel of medical institutions. Called “U-Doctor” the loan is provided on favorable terms, the Yerevan-based bank said in a press release today

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EBRD is providing two loans to Armenian Araratbank

05.09.2017 12:48

EBRD is providing two loans to Armenian Araratbank

The EBRD said September 4 it is providing two local currency loans for the equivalent in Armenian dram of US$ 10 million to Araratbank, one of the leading banks in Armenia and a long-standing EBRD partner

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