Thursday, June 2 2011 17:10

In 2011 ProCredit Bank will use additional USD 10 million for development of the SME lending


ArmInfo. In 2011 ProCredit Bank will use additional USD 10 million for development of the SME lending. Within the scopes of the loan agreements signed with EBRD (London) and BlueOrchard Finance SA (Geneva), in the year 2011 ProCredit Bank will allocate USD 10 million more for the development of the SME lending field. Meanwhile the Bank precedes negotiations with other reputable international institutions with the purpose of attracting new credit funds and allocating them at the local market.

Ashot Abrahamyan, Deputy Executive Director of the Bank, says: "The SME lending field is a dynamic part of the economy of RA and plays a significant role in ensuring social and economic stability of the country. We will make our best to use this cooperation to the benefit of our customers, giving them the opportunity to expand their financial opportunities and business, to access new and more attractive markets. At the same time, this cooperation enables us to strengthen our positions at the market and enlarge our client base". ProCredit Bank is a full-fledged Bank with a 100% foreign capital, focused on the development of small and medium sized enterprises as well as on promotion of savings culture among the population. ProCredit Bank in Armenia is part of the ProCredit Group, consisting of 21 financial institutions operating in Eastern Europe, Africa and Latin America, which are governed by ProCredit Holding AG located in Frankfurt am Main, Germany. Shareholders of ProCredit Bank in Armenia are international well-known institutions as: ProCredit Holding AG -68.46% shares, EBRD - 16.67% shares, KfW - 14.87% shares.
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