ADB’s Loan To Ameriabank To Help Armenia Expand Economically Vital Smaller Businesses
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Yerevan, November 29, 2011. The Asian Development Bank (ADB) and Ameriabank have signed a $20 million loan agreement for 5 years to help Armenia expand its small and medium-sized business sector which makes almost 98% of all businesses in Armenia and has a share of 40% in GDP and all jobs in the country. This is crucial for supporting business, speeding up economic growth, increasing employment, and reducing poverty. 

‘This is the first ADB initiative to promote SMEs in Armenia, and its largest initiative to-date in support of Armenia’s financial sector,’ said David Dole, Resident Representative in Armenia. ‘Helping smaller firms to grow will create equal conditions for big and small firms, create jobs and boost incomes as well as help Armenia diversify its economy and become more competitive on global level.’ 

‘Supporting small and medium-sized businesses is one of Ameriabank’s priorities,’ said Gagik Sahakyan, Corporate Banking Director at Ameriabank. ‘We have been actively engaged in SME financing since late 2009 when we saw that SME loans were in great demand. ADB funds will help us open new doors for small and medium-sized businesses to support Armenia’s economy and create new jobs.’ He also said that overall Ameriabank’s IFI projects amount to almost $150 million with most of these funds used for SME financing. Currently Ameriabank is the leader in Armenia by corporate loan portfolio which amounts to more than $300 million. Under the new loan project both Yerevan-based and regional small and medium enterprises will be eligible for financing.

In addition, ADB will provide expertise to help the bank improve its capacity for expanding services to SMEs to increase the volume of lending in a prudent and sustainable manner.

About Ameriabank CJSC

Ameriabank is a dynamically developing bank and one of the most stable financial institutions in Armenia. The first investment bank in Armenia, Ameriabank has been providing a large package of innovative investment services since 2007. Now Ameriabank is a universal bank, offering in addition to investment services also corporate and retail banking services in a comprehensive set of banking solutions.
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About ADB

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members -- 48 from the region. 

Updated 07.12.2011, 11:08
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