Thursday, April 14 2011 16:37
Asian Development Bank to fund Armenian banks - $17 mln
ArmInfo. The Asian Development Bank (ADB) signed today agreement on trade funding with six Armenian banks (Ameriabank, Anelik Bank, Ardshininvest Bank, Hayeconombank, Converse Bank). The ADB will provide guarantees for promoting international trade. As the head of Private Sector Operations Department of ADB Stephen Wermert said at today's press-conference in Yerevan, it is for the first time that ADB has signed cooperation agreements with Armenian banks. He did not rule out further growing of the funding volumes.
The ADB delivers funds to Armenian banks for development of foreign trade withe a term 3 years. He said that the rates of interest will be in line with the local market rates, plus maximum 1,25%.
Possible growth of the funding volume will depend on effective using of the first credit by the banks, Mr Wermert said and added that it is also important for the ADB how fast Armenian banks will manage to form credits for development of the trade funding.
He also emphasized that Armenia is the only member of the ADB, where the funds for the trade funding will be granted to six banks simultaneously. He explained it by activeness of these banks, which showed great interest to the new instrument of the trade funding at the local market.
Lakshmi Venkatachalam, Vice President of the ADB and responsible for the development of the private sector and co-financing activity, said the goal of the agreement is to promote the continuative development of trade, which is one of the important elements of Armenia's economy. "It will result in creation of new jobs and stable development of economy," the Vice President said.
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