Armenia: EurAsian Development Bank to provide a $20mln loan to ArmBusinessBank

bne - Banker weekly

April 30, 2010

EurAsian Development Bank will provide a $20mln loan to ArmBusinessBank (ABB) CJSC, said Igor Finogenov, Chairman of the Eurasian Development Bank Board, at the official opening of the Eurasian Development Bank Office in Yerevan on Tuesday.

He said that relevant agreement was signed on April 27. The loan funds will be used for on-lending to SME via ABB. It is the first loan agreement of the Eurasian Development Bank with an Armenian company.

The statutory capital of ArmBusinessBank as of Jan 1 2010 amounted to $35.6mln, total capital - $43.4 million, assets - $247.7mln. Net profits for 2009 totaled $2.8mln and grew 21% versus 2008. The shareholder of the bank is the Ukrainian Christy Management Company.

The same day in Yerevan the EurAsian Development Bank signed a Memorandum of Cooperation with the Ministry of Energy and Natural Resources of Armenia and other memorandums with Armenian big companies with Russian capital: ArmRusgasprom CJSC, International Energy Corporation CJSC, South