EDB Provided Ameriabank with $30-million Loan for Financing Small and Medium Size Businesses in Armenia
Yerevan, 16 December 2010. Marat Dzhaukenov, Deputy Chairman of the EDB Executive Board, and Artak Anesyan, General Director/Chairman of the Board of Amriabank of Armenia, signed a five-year loan agreement under which Armenia will receive $30 million for the purpose of financing small and medium size businesses (SMSB).
The financing will be provided under the EDB’s ongoing Programme of Support of Small and Medium Size Businesses by Providing Target Facilities to Financial Institutions. The project will assist the creation of a favourable climate for the sustainable development and competition of Armenian SMSB and enhancing their competitiveness domestically and internationally, and strengthen the infrastructural and institutional bases of the market economy of Armenia.
SMSB are of strategic importance to Armenia, as they traditionally provide about 40% of GDP, thus securing economic stability. The EDB’s loan will grant Armenian SMSB access to long-term credit resources for capital investment.
In addition, says Marat Dzhaukenov, “this loan will improve Ameriabank’s investment image, which in the longer term will enable our Armenian partner to attract more external investors”.
Artak Anesyan commented that support of SMSB is a priority goal of Ameriabank’s credit policy. In view of the high demand for credit from SMSB, Ameriabank has been lending to these clients on a large scale since the second half of 2009, and the EDB’s loan to this end will enhance SMSB’s access to vital financial resources even further.
Additional Information
Ameriabank
Ameriabank is one of the fastest growing and most reliable financial institutions in Armenia. In 2007 it pioneered a wide range of investment services which were new to the country. Corporate and investment services are its domain. The controlling stake in Ameriabank is held by TDA Holdongs Limited, an affiliate of the leading Russian investment banking company Troyka Dialog.
Detailed information about Ameriabank is available at: www.ameriabank.am.