Friday, March 5 2010 10:42
Ameriabank and EBRD to direct 20 mln USD to co-financing of medium-sized enterprises
ArmInfo. Ameriabank and European bank for Reconstruction and Development (EBRD) have signed an agreement on joint implementation of the credit project "Medium Sized Co-Financing Facility"(MCFF), under which each of the parties will allocate 10 mln USD from its own funds. As a result, the total amount of crediting will make up 20 mln USD. The specified agreement was signed in Yerevan on Thursday by EBRD Director of Financial Institutions in Central Asia, Caucasus and Mongolia Mike Taylor and Chairman of Directorate, Director General of Ameriabank Artak Hanesyan.
Hanesyan said at a press-conference that under the project the funds will be spent on financing medium- sized loans provided by Ameriabank to the local enterprises. "Ameriabank highly appreciates its participation in the given project. Cooperation with EBRD opens for us new prospects of credit portfolio diversification, and to a great extent contributes to development of medium business, which is the basis of Armenian economy",- he stressed. Under the given project, the average amount of a loan will be $1-2 mln, and the loans will be provided in US dollars, which will especially interest export-oriented companies. He currency risks will be divided between the parties. The part of the loan financed by EBRD is considered direct financing where Ameriabank has a status of an agent, and as regards own crediting, we'll assume the risks",- said Hanesyan.
For his part, Mike Taylor pointed out that Ameriabank is the 13th bank EBRD is cooperating with in Armenia. By the given project, EBRD confirms its willingness to contribute to development of private sector of Armenia by making the necessary financing more available for local enterprises, he stressed. According to him, the document signed today is part of EBRD's corporate strategy, under which it is envisaged to work with the best banks in Armenia. He expressed hope that this is the first step towards further fruitful cooperation with the dynamically developing Ameriabank.
EBRD says that the given loan is a component of Multi-Bank Framework Facility II in Armenia aimed at developing financial mediation in the
country by opening mid-term credit lines for local commercial banks for further commercial crediting. The program was launched in 2006, and within its frames over 118 mln USD were allocated for 12 Armenian banks.
According to the Ranking of the Banking System in Armenia by the Agency of Rating Marketing Information (ArmInfo), in 2009 Ameriabank doubled its credit portfolio to 67.8 bln AMD (4th position) or 65,5% of assets. The net profit of the bank was 1.5 bln AMD (4th position). The majority shareholder of Ameriabank is TDA Holdings Limited affiliated with Troika Dialog, the share of participation in the capital being 99,99%.
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