Monday, November 7 2011 18:02

EBRD to provide FINCA credit company with a loan worth 4 mln USD


ArmInfo. The European Bank for Reconstruction and Development (EBRD) will provide FINCA Armenia UCO with a synthetic loan worth 4 mln USD within the next few days, Head of the EBRD Yerevan Office Valeriu Razlog told ArmInfo.

According to him, the given funds in terms of Armenian Dram will be spent on microfinancing in the rural communities of Armenia. The period of loan redemption is 5 years. When replying to the question whether attraction of synthetic loans as compared to foreign exchange loans is more expensive for the banks and credit companies, Razlog said that the expensiveness and interest rates of the resources only reflect the risk assessment.

He said that the EBRD, the Central Bank of Armenia and other institutions are currently discussing issues related to risk reduction in the microfinancing sector and in lending to rural communities in general. The Bank expects the price of synthetic loans for micro, small and medium enterprises to decline in the future, he stressed. Razlog recalled that in 2011 the EBRD has already provided synthetic loans to two Armenian banks: ACBA-Credit Agricole Bank and ARARATBANK.

According to the Ranking of Credit Companies of Armenia by ArmInfo, FINCA is on the list of top five credit companies of Armenia by its main parameters. As of October 1 2011, the assets of FINCA amounted to 12.6 bln AMD (3rd position), provision of crediting - 10.6 bln AMD (2nd position), liabilities - 10 bln AMD (1st position), net profit - 481 mln AMD (3rd position). FINCA Armenia received its license of a universal credit organization from the Central Bank of Armenia in March 2006.
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