ArmInfo. Between the universal credit company (UCC) and Vnesheconombank an agreement was reached on signing a memorandum of cooperation. Artur Badalyan, Executive Director of SME Investments, informed minister of Economic Development and Investments of the Republic of Armenia Suren Karayan about this on November 7.
As the press service of the ministry told ArmInfo, during the meeting the parties discussed the implemented work and further actions of the company in the framework of international cooperation. In particular, the minister was informed that the company had financed about 70 programs for 3 billion drams on preferential terms. And 15 credits were subsidized by the state in the framework of export promotion. And under the state program Agricultural equipment for leasing SME Investments provided a total of 105 units of equipment.
The sides also discussed issues related to international cooperation. S.Karayana was informed of the signing of a memorandum of cooperation with the Russian Export Center (REC), which will be a good incentive for the development and deepening of bilateral cooperation.
S. Karayan noted that as a result of the recent visit to Belarus, cooperation with the Belarusian Development Bank is planned. The Minister was also presented with discussions with the Shanghai Cooperation Organization (SCO) regarding membership in the interbank association.
According to the Ranking of credit companies of Armenia prepared by NA ArmInfo, SME Investments among the 30 universal credit companies of the Republic of Armenia is included in the TOP-10 by the main balance sheet indicators. Thus, the volume of credit investments of the "SME Investments" made 8.1 billion AMD ($ 17 million, 11% annual growth) as of October 1, 2017, assets - 15.3 billion ($ 32 million, annual growth of 26.3%). Only for the III quarter of 2017 the company managed to increase credit investments by 33.5%, as a result of which assets in the quarterly section increased by 30.4%. In 2016, the company increased its net profit by 56.3%. "SME Investments" has been operating in the Armenian market since August 2009. The sole shareholder of the company is the National Center for the Development of Small and Medium Enterprises of Armenia Fund.