Tuesday, January 29 2013 20:30

EBRD provides Converse Bank with USD 5m equivalent synthetic loan


ArmInfo. The European Bank for Reconstruction and Development (EBRD) is continuing to support RA national currency financing, having extended a USD 5M equivalent synthetic loan in AMD to Converse Bank for on-lending to micro, small and medium-sized enterprises (MSMEs).

Within the scope of the synthetic loan, the EBRD provides financing in USD, whereas Converse Bank's loan obligation is the AMD equivalent value of the disbursed funds. Such scheme will allow Converse Bank to expand the loan portfolio in national currency based on the growing demand for long-term lending of small and medium businesses in national currency, on the other hand keeping the SME's free of the exchange rate risks attributable to lending in foreign currencies.

One of the core goals of Converse Bank is to encourage the economic growth in Armenia by offering various high quality financial services to customers.

In line with this principle, the synthetic loan received from the EBRD will allow to provide long-term financing to SME's in national currency. As the result, the customers of the Bank will enjoy numerous privileges, which will facilitate further development of their businesses.

In addition it is worth to mention that this is the fourth project within the framework of cooperation between the EBRD and Converse Bank. In November 2008, Converse Bank received a loan of USD 10M for financing micro, small and medium businesses.

In March 2009, Trade Finance Facility Agreement was concluded, under which Converse Bank has been acknowledged by EBRD as an issuing bank within the scope of the Trade Finance Facility.

In May 2011, Revolving Credit Agreement (RCA) was signed for further financing import/export transactions. In 2013 Converse Bank is planning to further expand the cooperation with the EBRD.
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