Wednesday, December 28 2011 16:53

Ardshininvestbank Receives the First Credit Tranche Under the Loan Agreement Signed with the Asian Development Bank


ArmInfo. Ardshininvestbank received the first credit tranche of USD 3,0 million under the loan agreement signed with the Asian Development Bank at the beginning of December 2011. The funds will be used for financing small and medium-sized enterprises (SMEs) as the Bank's main target group, the bank's press-service reports.

Mher Grigoryan, Chairman of the Management Board of Ardshininvestbank, stated: "the remaining USD 12 million will be utilized for lending to SMEs by the Bank during 2012. Actually the whole branch network of the Bank will be involved in this process, providing sub-loans with the interest rate from 12% per annum with a tenor of up to 5 years".

Ranking of Armenian Commercial Banks prepared by ArmInfo says the loan portfolio of Ardshininvestbank totaled almost 85 billion drams as of Oct 1 2011 with 37% annual growth. The share of economy finance in total loan portfolio was around 66%, with a 36.2% growth for the year. The bank is involved in the loan projects of the WB, KfW, World Business Capital Inc. and SMEDNC. Ardshininvestbank has 49 branches throughout the Republic of Armenia, 6 branches in Republic of Nagorno-Karabakh and a representation office in Paris.

ADB (Asian Development Bank) was established in 1966; it is owned by 67 members -- 48 from the region. ADB is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
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