ArmInfo. Armenia has a stable macroeconomic environment and a favorable investment environment, a good investment climate and high macroeconomic indicators. President of the Black Sea Trade and Development Bank (BSTDB) Dmitry Pankin expressed this opinion on February 10 at a press conference in the Central Bank of Armenia.
According to him, in 2020, program financing is planned in conjunction with Armenian banks for $ 40 million. And another issues of bonds for $ 10-20 million are planned, of which one will take place this year, but exactly when and in what volume still to be specified.
"Interaction with the financial sector is important for us. We are very comfortable working in Armenia, where there is a transparent banking system and reliable supervision of banks, which allows us to work effectively. We believe that creating opportunities for the favorable development of SMEs is extremely important for Armenia. We are international development bank we don't have the opportunity to reach every small enterprise, we do not have regional offices in the participating countries, and it is very important to interact with local financial institutions, in particular with banks. In Armenia, without a free market initiative, namely, without small enterprises, with one large project, development is impossible. Creating a real market society is very important for the development of the country, "Pankin noted.
He informed that last year the BSTDB adopted a new medium-term country strategy, emphasizing two key points in it. The first is a strategy focused on faster growth, and the second is a focus on large infrastructure projects. In Armenia, BSTDB intends to bring financing volumes of $ 100-150 million in the next 4 years, D. Pankin said.
Answering a question from ArmInfo, the President of BSTDB noted: "Armenia has the highest economic growth rate among the participating countries, a good trend with a balance of payments, gold and foreign exchange reserves, and a generally stable macroeconomic situation that is comfortable for investors. Positive steps of the domestic political and domestic economic plan, for example , the fight against corruption, the creation of normal and understandable rules of the game for investors, increase the investment attractiveness of the country. And if we compare Armenia with the BSTDB member countries neighboring with Armenia, I'll say that we are very pleased to work in Armenia, and Georgia is not bad, but in Azerbaijan the situation is more complicated, because the 2 banks we worked with fell into bankruptcy. Regarding financing portfolios, I'll say that they are almost the same in Armenia and Georgia - almost $ 100 million each. "
It should be noted that during the press conference, BSTDB and Armeconombank signed the third credit agreement in the amount of $ 10 million to finance SMEs. In Armenia, BSTDB cooperates with 7 banks, including Ameriabank, Ardshinbank, ACBA-Credit Agricole Bank To recall, the Black Sea Trade and Development Bank (BSTDB) - an international financial organization created to support regional development and cooperation of the countries of the Black Sea region, began operations in 1999. The founders of the bank are Albania, Azerbaijan, Bulgaria, Georgia, Armenia, Greece, Moldova, Romania, Russia, Turkey and Ukraine. The headquarters of the bank is located in Thessaloniki (Greece). The share of Armenia in the capital of BSTDB is 1%. BSTDB supports economic development and regional cooperation by providing loans, credit lines, capital and guarantees for projects and trade financing to public and private companies in the participating countries. The authorized capital of the Bank is 3.45 billion euros. BSTDB received a long-term rating of "A-" from Standard and Poor's and "A2" from Moody's. From 1999 to this day, the bank approved 400 programs totaling 6.1 billion euros for financing. In Armenia, BSTDB has been implementing programs since 2004, having financed 36 projects for a total of 241 million euros today (directly or through financial institutions), and lending through Armenian banks is aimed at supporting SMEs, mortgages, and trade financing.
