Monday, March 22 2010 16:02
EBRD opens a $10 million credit line to Ameriabank to support real economy sector
ArmInfo. The EBRD is boosting further the availability of financing for the real economy sector in Armenia with a new $10 million credit line to Ameriabank for on-lending to small and medium-sized (SMEs) private enterprises, Ameriabank told ArmInfo.
Ameriabank is the sixth largest bank in Armenia by total assets and among the top three fastest growing banks in the country. It is owned by "TDA Holdings Limited", an investment company affiliated with Troika Dialog, a leading Russian investment banking group.
The EBRD credit line will enable Ameriabank to develop further its SME lending activities and meet the high demand for financing from local companies, which continue to face limited access to funding. "Supporting the growth of small and medium companies is one of the EBRD's key priorities in Armenia. The new loan offered to Ameriabank will facilitate the access of local enterprises to much-needed financing", said EBRD President, Thomas Mirow.
"We are pleased to continue our cooperation with the EBRD. The new financing provided to Ameriabank will help us address the increasingly high demand for financing among small and medium businesses in Armenia and will contribute to further growth and revitalization of the Armenian economy", said the General Director of Ameriabank, Artak Hanesyan. Earlier this month the EBRD provided another $10 million co-financing line to Ameriabank to support the development of medium-sized businesses.
Since the beginning of its operations in Armenia, the EBRD has committed over $393 million to the country in 77 projects in the financial, corporate, infrastructure and energy sectors. Ranking of the Armenian Banking System prepared by the Agency of Rating Marketing Information (ArmInfo) says Ameriabank doubled credit portfolio in 2009 to 67.8 billion drams (4th position) or 65.5% of assets. In 2009 Ameriabank ensured 1.5 billion drams profit (4th position). TDA Holdings Limited, the affiliated company of Troika Dialog, is the majority shareholder of Ameriabank (99.99%).
Expert: Electricity tariff containment in Armenia is only temporary
Political Scientist: Armenia`s withdrawal from Eurasian Economic Union (EAEU) to result in its dependence on Azerbaijani and Turkish markets
Artur Avetisyan: All discussions regarding the choice of a future NPP model will remain mere talk until there is a vision for strategic development
ATI.SU: Demand for international cargo transportation 30% up in Armenia
Civil Contract nominates Armen Ktoyan for Central Bank Board Member position
Armenia, France considering prospects for expanding technological cooperation