Wednesday, December 28 2011 19:46
In Q1 2012 Byblos Bank Armenia to attract big long-term loans from international structures
ArmInfo. Byblos Bank Armenia and the European Fund for Southeast Europe (EFSE) have signed a loan agreement worth 875 mln AMD and $3 mln.
The press service of Byblos Bank Armenia told ArmInfo that the credit resources will be on-lent to small and medium enterprises in Armenia.
According to the source, in 2011 Byblos Bank Armenia also attracted a $5mln loan from the European Bank for Reconstruction and Development (EBRD), and these loan funds have already been successfully distributed among the economic entities of the country, particularly, among the manufacturers, representatives of food industry and services.
"Byblos Bank's negotiations with other international financial structures are also nearing completion. As a result, in Q1 2012 the bank will receive big long-term resources. These funds will be spent on financing of small and medium enterprises, as well as on mortgage programs", Chief Executive Officer of Byblos Bank Armenia Ararat Ghukasyan says.
The shareholders of Byblos Bank Armenia are Byblos Bank SAL (65%), EBRD (25%) and OFID (10%). In Mar 2010 the bank received a $10mln synthetic loan from EBRD for financing private business in Armenia.
This is the third loan issued by EFSE in Armenia since 2009: the first loan ($10mln) was given to Converse Bank in June 2010, the second one ($5mln) to Araratbank in Oct 2010. EFSE was set up in 2005 and is one of the biggest micro-financing funds in the world. Its strategic investors are the European Commission, the Federal Ministry for Economic Cooperation and Development of Germany, the governments of Austria, Switzerland, Denmark and Albania, KfW, IFC, EBRD, Deutsche Bank and other governmental and private companies and organizations. In the next five years EFSE is going to lend a total of 900mln EUR to different financial institutions in the Eastern Partnership member states.
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