EBRD TO BECOME THE SHARE-HOLDER OF PROCREDIT ARMENIA BANK, WHICH WILL START FUNCTIONING IN SEPTEMBER
Mediamax Agency, Armenia
April 16 2007
Yerevan, April 16 /Mediamax/. The European Bank for Reconstruction
and Development (EBRD) will become the 20% share-holder of ProCredit
Armenia Bank, which will start functioning in Armenia in September
of 2007.
Mediamax reports referring the statement of the EBRD that the
participation of the European Bank in the capital of ProCredit Armenia
Bank will make 1.2bln AMD, or $3.2mln.
The EBRD statement reads that the ProCredit Armenia Bank will be
specializing in financing of micro and small enterprises outside the
Armenian capital, and the European Bank will allocate a credit at
the sum of $7mln with maturity of up to five years financing micro
and small enterprises.
Mediamax notes that the ProCredit Group consists of 19 banks,
functioning in Eastern Europe, Africa and Latin America, whose
operations are overseen and guided by ProCredit Holding AG, located
in Frankfurt.