RIA OREANDA , Russia
Economic News
May 25, 2007 Friday
EBRD Extends Credit Line to Anelik Bank (Armenia)
Armenia. OREANDA-NEWS . May 21, 2007. The EBRD is extending a 5
million credit line to Armenias Anelik Bank to support its on-lending
to micro, small and medium-sized enterprises (MSME). The credit line
will contribute to the Armenian banking system by delivering MSME
finance on a large and sustainable scale, reported the press-centre
of EBRD. Anelik, ranked 8th in the Armenian banking sector by total
assets, is a medium-sized bank which specialises in MSME lending and
money transfer business. It is dynamically growing and is now
expanding its business to offer a wider scope of retail products. The
EBRD loan will provide still lacking medium-term funding and will be
used for on-lending to local micro and small enterprises, addressing
a major constraint for the growth of this segment of the economy. The
credit line, the EBRDs fourth MSME line to Anelik, comes under the
Banks Armenian Multi-Bank Finance Facility. Anelik is one of the most
active EBRD partner banks under the Armenian Multi-Bank Finance
Facility and Armenia Microlending Programme, an institution-building
Technical Cooperation Programme designed to facilitate MSE lending of
partner banks. Technical Cooperation funds have been provided by
USAID and the EBRDs Early Transition Countries Multi-Donor Fund. The
EBRD remains one of key providers of medium-term finance and
expertise to the Armenian banking sector. This project will allow
smaller companies to receive swift access to reliable finance based
on their entrepreneurial skills and the success of their business,
said Olivier Descamps, EBRD Business Group Director, at the signing.
We are happy to continue our strong relationship with the EBRD with
this credit line, and, in general, with any potential projects in the
future, said Samvel Chzmachian, Chairman of the Board of Anelik Bank.
Through its micro and small enterprises programmes, the EBRD has
supported over one million small enterprises throughout eastern
Europe, Russia, Central Asia and the Caucasus. The EBRD currently
works with over 70 commercial banks and non-bank microfinance
institutions to establish or expand specialised micro and small
business finance units and to date has lent over $1billion to
facilitate $15 billion in loans to micro and small businesses in the
region. Copyright (c) 1997-2007 RIA "OREANDA"