Monday, April 11 2011 19:51
On April 14 Asian Development Bank to sign trade finance agreements with six banks in Armenia
ArmInfo. On April 14 the Asian Development Bank (ADB) will sign trade finance agreements with six banks in Armenia, a move that is expected to further bolster the country's trade sector and help ensure sustainable economic growth in the Central Asian country.
The press service of ADB told ArmInfo the trade finance agreements, the first signed by Armenia's banks with ADB, will be signed with Ameriabank CJSC, Anelik Bank CJSC, Ardshininvestbank CJSC, Armeconombank OJSC, Converse Bank CJSC, and Unibank Armenia CJSC.
All the agreements will be made under ADB's Trade Finance Program which provides guarantees and loans through banks to facilitate international trade in ADB's developing member countries.
"The trade finance agreements are expected to promote the continued expansion of the trade sector, which is a key component of Armenia's economy, and this should translate to more jobs and steady economic expansion, the source says.
According to the latest data of ADB, Armenia has already received (under an agreement between the ADB and the Armenian Government) $223.9 mln from the Asian Development Fund, and will receive $170 mln more from OCR (Ordinary Capital Resources). The latter amount has already been approved by the ADB Board of Directors.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration. Established in 1966, it is owned by 67 members - 48 from the region. In 2010, ADB approvals, including co-financing, totaled $17.51 billion. In addition, ADB's ongoing Trade Finance Program supported $2.8 billion in trade.
From the time it was launched in 2004 up to the end of 2010, the Trade Finance Program has supported 2,433 international trade transactions worth $5.2 billion in 14 Asian countries. In 2010 alone, the program supported 783 transactions. Out of the trade deals supported last year, 277 were conducted by small- and medium-sized enterprises. ADB - rated at triple A - plans to further expand the reach of the Trade Finance Program in 2011 and 2012.
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