Wednesday, June 16 2010 15:36
75-80% EBRD credits in 2010 to be directed to Armenian SME via banks
ArmInfo. European Bank for Reconstruction and Development will direct the lion's share of credits - 75-80% to Armenia's small and medium entrepreneurship till late 2010, Head of EBRD Yerevan Office Valeriu Razlog told ArmInfo.
According to him, SME will receive credit resources through the country's banking system. The European bank envisages to direct the remaining part of resources to projects in the municipal sector, Razlog said. "We do not schedule to make big investments in large infrastructure projects in 2010, like it was in 2009, as our strategy for 2010 envisages crediting of Armenia's SME primarily", V. Razlog emphasized. To note, the bank has already signed 9 agreements since early 2010 to the total sum of 18 mln Euro, the major part of which has been directed to the banking system for extension of new and additional credits, as well as for the capital replenishment.
To recall, EBRD has been working in Armenia since 1992. The bank has already provided about 337 mln Euro to Armenia for implementation of about 80 projects in the financial sector, private business, infrastructure and energy. The European bank carries out credit programmes in Armenia on financing of micro, small and medium business, co-financing of small and big business, trade financing and mortgage lending through 13 commercial banks. Moreover, EBRD is one of the shareholders in Armeconombank (25%+1 share), ARARATBANK (25%+1 share), ByblosBank (25%) and ProCredit Bank (16,67%).
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