INTERNATIONAL BANKING CONFERENCE HELD IN YEREVAN

Panorama.am
12:40 28/03/06

Today the three-day international banking conference dedicated
to questions of financing international trade started its work
in Yerevan. The initiators of the conference were European Bank
of Reconstruction and Development (EBRD), Armeconombank and the
European Union.

As the head of Armenian Central Bank Tigran Sargsyan mentioned in
his speech it is necessary to use the trade financing new instruments
accepted in international practice. “Unfortunately, today most Armenian
banks give only elementary letters of credit and short-term credits
to exporters and importers, which in its turn has a negative influence
on their opportunities,” T. Sargsyan noticed.

In the course of the conference the manager of EBRD in Southern
Caucasus, Byelorussia and Moldova Michael Davy mentioned the dynamic
development of trade financing sector in Armenia. According to the
data of M. Davy last year the EBRD granted 20 million euros to Armenia
to realize programs in the spheres of energy, industry and insurance
business. This year the Eurobank intends to grant 40-50 million euros
which will be allocated to financing 20 programs. In the meantime
Michael Davy noticed that in spite of the political risks present in
the country the Armenian banks succeed in favorably cooperating with
foreign partners.

Representatives of international banking structures such as
“Citibank N.A.”, “Commerzbank AG Frankfurt”, Raiffeisen Zantrallbank,
“Lloyds TSB Bank PLC”, “Deutsche Bank”, “International Financial
Corporation” as well as Russian and Ukrainian banks participate in
the conference.

From: Emil Lazarian | Ararat NewsPress