Friday, January 27 2012 16:20

EFSE provides 3.9 mln EUR loan to Byblos Bank Armenia for MSE finance


ArmInfo. The European Fund for Southeast Europe (EFSE) has provided Byblos Bank Armenia CJSC with a credit facility in US dollar and local currency, the Armenian Dram, in the equivalent of EUR 3.9 million. The Bank will use the proceeds of the EFSE loan to increase the availability of financing to micro and small enterprises (MSEs) in Armenia. The Armenian Dram loan component is targeted at effectively addressing the potential currency exchange risks for the country's MSEs, EFSE press-service told ArmInfo.

The local currency component is provided under the newly established Armenia Local Currency Facility, a separate investment window of the EFSE, to support and promote local currency lending to smaller businesses in Armenia. The Facility is funded by the Small and Medium Business Credit Support CJSC, a subsidiary of the Central Bank of Armenia, as its founding investor.

The EFSE loan will help Byblos Bank Armenia to diversify its funding base, expand its loan book in Armenian Dram and strengthen the Bank's capacity to provide long-term credits to MSEs.

Byblos Bank Armenia shareholders are Byblos Bank SAL (65%), EBRD (25%) and OFID (10%). In March 2010 Byblos Bank Armenia received a seminal synthetic loan from EBRD in the amount of $10 mln (comprising national currency component) for private business finance. Ranking of Armenian Commercial Bank prepared by ArmInfo says the total capital of the bank as of Jan 1 2012 amounted to $23.3 mln, assets $98 mln, loans - $52.2 mln. In 2011 the bank received $756.5 thousand net profits. EFSE launched activity in Armenia in December 2009. It is the Fund's third investment. The first loan of EFSE in the amount of $10 mln was provided to Converse Bank (June 2010), the second to ARARATBANK - $5 mln (_Oct 2010).
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