HERE AND BEYOND
Executive Vice President and CEO of IFC meets with Ameriabank management
Media Room

 

On August 26 Mr. Lars H. Thunell, Executive Vice President and CEO of World Bank group member International Finance Corporation (IFC) visited Ameriabank, accompanied by a group of IFC officials, and had a meeting with the bank management.
 
Mr. Thunell has advanced growth of IFC's business and its mission to create opportunities in emerging markets and improve people's lives.. As part of his visit to Armenia, Mr. Thunell visited Ameriabank to be presented with an account of how IFC funds are being spent under the bank’s lending projects, including how they are being utilized by end-borrowers. The partners also discussed options for further cooperation.
The attendees highlighted that Ameriabank has on-lent the IFC funds successfully and in a time-efficient manner. The IFC facilities provided to Ameriabank include a 10 million US dollar credit limit for international trade finance and a 15 million US dollar renewable energy (small hydro power plant) loan.
 
The trade finance facility enabled Ameriabank to promote clients’ foreign trade transactions in Armenia. Ameriabank joined the IFC Global Trade Finance Program (GTFP) as an issuing bank to secure clients’ import and export operations. This program covers, among others, small and medium enterprises. Participation in GTFP makes the bank eligible to cooperate with over 300 other GTFP member banks worldwide.
Highlighting the importance of promoting the renewable energy sector for overall economic development, Ameriabank is actively engaged in its financing through various programs.
 
The IFC 15 million US dollar facility is being utilized to provide long-term funding for 8 small hydro power plant projects in Vayots Dzor, Gegharkunik and Lori regions of Armenia with overall installed power of 26.08 MWt and expected output of 80.6 mln KWtph.
 
The small hydro power plant financing project will enhance local power generation capacities and diversify power supply sources by reducing CO­­2 emissions and shifting from dependence on imported fuel.
The program of the meeting also featured a short video film on the progress of Jermuk-2 small hydro power plant project mostly funded by Ameriabank under IFC renewable energy facilities.
Both parties expect this cooperation between Ameriabank and IFC to expand and aid future progress of Armenia’s economy.
 
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About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visitwww.ifc.org.
 
About Ameriabank
Ameriabank is one of the most dynamic banks in Armenia and ranks among the country’s most stable financial institutions. It is the first investment bank in Armenia, and since 2007 has been providing an extensive list of innovative banking products. It focuses mainly on corporate and investment banking. Ameriabank is owned by TDA Holdings Limited, an investment company affiliated with Troika Dialog, a leading Russian investment banking group. For more information, visit www2.ameriabank.am
Updated 30.08.2010, 16:35
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