ITAR-TASS News Agency
TASS
July 28, 2004 Wednesday 12:15 PM Eastern Time

IFC, Armeconombank sign deal to develop business

By Tigran Liloyan

YEREVAN, July 28

Armeconombank and the International Finance Corporation (IFC) signed
a two million credit agreement on Wednesday to develop small and
medium-size business, and housing mortgage credits.

Armeconombank managing director Ashot Osipyan said the credit will be
provided in two tranches – 150,000 U.S. dollars for the development
of small and medium-size business and about 30,000 U.S. dollars for
housing mortgage for the period of five years.

The director of IFC Central and Eastern Europe Department, Mr. Edward
Nassim, said this is the first time when the IFC provides a credit to
a commercial bank in Armenia.

This proves that the situation in the banking sector improves, he
added.

From: Emil Lazarian | Ararat NewsPress