Friday, October 14 2011 17:39

ARARATBANK to receive a syndicated loan worth 12 mln USD


ArmInfo. ARARATBANK will receive a syndicated loan worth 12 mln USD to finance the development of micro, small and medium enterprises of Armenia. The press service of Promsvyazbank reported that the bookrunner will be the European Bank for Reconstruction and Development.

Within the frames of the syndicate, the EBRD has provided ARARATBANK with 3 mln USD, and 9 mln USD have been syndicated among the commercial banks, including Promsvyazbank, VDK Spaarbank nv and Byblos Bank S.A.L.

According to the source, the credit funds of Promsvyazbank were provided to ARARATBANK for 1 year, and the main amount of the loan is to be redeemed in Oct 2012. This loan is a debut deal for ARARATBANK, which confirms the stable position of the bank as a partner of international financial institutions.
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