HERE AND BEYOND
Eurasian Development Bank Grants $30 Million Line of Credit to Fund SMEs in Armenia
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The Eurasian Development Bank (EDB) and Ameriabank CJSC (Armenia) signed an agreement in Yerevan. The EDB will open a $30 million line of credit to the bank to be on-lent to the small and medium business in the Republic of Armenia. The funds will be provided for a 5-year period.
 
Marat Jaukenov, Deputy Chairman at EDB, and Artak Hanesyan, Chairman of the Management Board and General Director at Ameriabank, authorized the agreement by their signatures.
 
The financing is a part of EDB program on SME support through purpose credit lines to financial institutions. The project implementation will boost favorable conditions for the sustainable development of small and medium-scale enterprises in Armenia, increase competitiveness of SMEs in the local and foreign markets and speed up development of market economy infrastructural and institutional bases.
 
With about 40% share in the GDP, the small and medium-scale business is of strategic importance for Armenia, bolstering up its economic stability. The EDB funds will address the SME’s long-term financing needs for capital investments.
 
In Marat Jaukenov’s opinion, ‘the loan will fuel Ameriabank’s investment attractiveness which in the long run will help the Armenian partner draw more foreign investors’.
According to Artak Hanesyan, support of the small and medium enterprises is a priority in Ameriabank’s credit policy. Given the high demand for funds among the SMEs Ameriabank has focused on the SME sector since the second half of 2009. The EDB funds aimed at this purpose will provide the small and medium enterprises with an easy access to crucial financing.  
 
 
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About EDB
The Eurasian Development Bank (EDB) is an international financial institution founded by the Russian Federation and the Republic of Kazakhstan in January 2006 to facilitate the development of market economies, sustainable economic growth and the expansion of trade and other economic ties in its member states. The bank’s charter capital exceeds $1.5 billion. The EDB members are Russia, Kazakhstan, Armenia, Tajikistan and Belarus. For more information, please visit http://www.eabr.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 17.12.2010, 13:37
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