Wednesday, October 19 2011 21:09

ARARATBANK to receive the first tranche of syndicated loan by late 2011


ArmInfo. ARARATBANK will receive the first tranche of a syndicated loan worth 12 mln USD by late 2011, Head of the EBRD Yerevan Office Valeriu Razlog told an ArmInfo correspondent. He pointed out that the amount and quantity of tranches will depend on the demand of ARARATBANK.

He said that the EBRD will provide ARARATBANK with a total of 3 mln USD, and the rest 9 mln USD will be syndicated among three commercial banks, including Promsvyazbank, VDK Spaarbank nv and Byblos Bank S.A.L.

Razlog said that this is the first syndicated loan given by the EBRD to ARARATBANK. He said that the bank is interested in giving similar loans to other banks as they draw the attention of foreign financial organizations to the Armenian market. The loan will be spent on the development of micro, small and medium-sized business in Armenia.

Promsvyazbank reported earlier that its loan will be provided for one year and was to be repaid by Oct 2012.

The EBRD has a 25%+1 stake in ARARATBANK's capital.
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