ARARATBANK AND IZMIRLIAN FOUNDATION TO IMPLEMENT 4 MILLION DOLLAR CREDIT PROGRAM

Noyan Tapan
Jun 26 2007

YEREVAN, JUNE 26, NOYAN TAPAN. Araratbank CJSC and the Izmirlian
Foundation on June 26 signed an agreement on cofinancing in the amount
of 2 million dollars within the framework of the credit program of
the total cost of 4 million dollars. The document was signed by the
Chairman of Araratbank’s board Ashot Osipian and the Deputy Chairman
of the Izmirlian Foundation Jacques Sarkisian.

According to A. Osipian, Armenian enterprises of the agriculatural
food processing and service sectors will be mainly provided credits
under this program. The minimum amount of credits to be provided to
enterprises will make 250 thousand dollars, the maximum amount will
make one million dollars, the maximum period of repayment – 5 years,
while the annual interest rate will make 15%. During 6 months after
receiving the credit, the borrower may pay only interest, while after
this period the borrower may also repay the amount of the money lent
to him. Credits will be provided by the joint decision of Araratbank
and the Izmirlian Foundation.

A. Osipian said that bids for credits have already been received, and
their financing will start soon. It is envisaged that all borrowers
of the 4 mln dollar credit program will be known within the next
six months.

J. Sarkisian did not rule out the allocation of extra money for the
credit program in case of demand, while A. Osipian – the implementation
of other joint programs by AraratBank and the Izmirlian Foundation.

From: Emil Lazarian | Ararat NewsPress