Thursday, April 18 2013 19:07

Proparco (Investment and Promotion Company for Economic Cooperation) and Ameriabank sign a USD 15 million credit facility agreement


ArmInfo. Proparco (Investment and Promotion Company for Economic Cooperation) and Ameriabank signed a USD 15 million credit facility agreement, it being the first investment of Proparco in Armenia and the second one in South Caucasus. The official website of Ameriabank says that the CFA signatories are Mr. Jerome Bertrand-Hardy, Deputy Chief Investment Officer at Proparco, and Mr. Artak Hanesyan, Chairman of Management Board-General Director at Ameriabank. The signing ceremony was attended by Ambassador Extraordinary and Plenipotentiary of France to Armenia Mr. Henri Reynaud.

Agribusiness plays a key role in the development of Armenia's economy. This new financing project implemented by Proparco and Ameriabank will open new long-term financing opportunities for small and medium businesses in food processing industry, boosting Armenia's economy and adding new jobs.

Jerome Bertrand-Hardy said: "As a first operation in Armenia, Proparco is proud to support Ameria Bank, a leading financial institution with a dynamic growth strategy which supports investments in the agribusiness sector. This sector is indeed one of the main focuses of Proparco in the Caucasus region and in Armenia in particular. Its market position, financial strength, competent management and privileged partnership with development finance institutions make it a partner of choice".

"We welcome Proparco's entry to Armenia. We highly appreciate our partnership with Proparco, enabling us to diversify our loan portfolio and increase SME lending. This credit facility will allow us to keep financing SMEs, particularly those with their focus on Agribusiness/Food processing, considering them as the main drivers of our national economy. Under this credit facility SMEs will be able to obtain long-term financing to expand their businesses, strengthen their competitiveness" - commented Artak Hanesyan, Ameriabank General Director. He said that in Q1 2013 the Bank increased SME lending by 15%. Hanesyan added that in 2013 the Bank is going to increase its SME loan book by 75%.

French Ambassador Henri Reynaud said that Proparco's activity in Armenia will contribute to consolidation of Armenian-French economic relations. This meets the priorities of the activity of the French diplomatic mission in Armenia and is the specific expression of the French Development Agency's policy launched several years ago.

According to the Analysis and Financial Ratings of Armenian Banks prepared by the Agency of Rating Marketing Information (ArmInfo), in 2012 Ameriabank was among the top three leaders of the Armenian banking system by the loan book amount, having increased this index by 7.9% versus 2011 to 153 bln AMD. In the loan book the share of SME loans made up 14%, or 21.3 bln AMD (12% y-o-y growth). By this indicator, the Bank was among the top ten leaders.

PROPARCO is a Development Finance Institution jointly held by Agence Francaise de Developpement (AFD) and public and private shareholders from the North and South. Its mission is to catalyze private investment in emerging and developing countries with the aim of supporting growth, sustainable development and the achievement of the Millennium Development Goals (MDGs). PROPARCO finances investments that are economically viable, socially equitable, environmentally sustainable and financially profitable. PROPARCO is one of the main bilateral development finance institutions in the world. It invests on four continents encompassing the major emerging countries and the poorest countries, particularly in Africa, and has a high level of requirements in terms of social and environmental responsibility.

Ameriabank is a dynamically developing bank and one of the most stable and largest financial institutions in Armenia. As the first Investment bank in Armenia, Ameriabank has been providing a large package of innovative investment services since 2007. Now Ameriabank, as a universal bank, offers a wide range of comprehensive banking services to its both corporate and retail clientele.
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