"ARARATBANK" AND IZMIRLIAN FUND SIGNED AN AGREEMENT ON CO-FUNDING OF BUSINESS-CREDITS AT THE WHOLE SUM OF $4MLN
Mediamax News Agency, Armenia
June 26 2007
Yerevan, June 26 /Mediamax/. "ARARATBANK" and Izmirlian Fund signed
an agreement in Yerevan today on co-funding of business-credits at
the whole sum of $4mln.
Mediamax reports that the Chairman of the Board of "ARARATBANK"
Ashot Osipian noted that the volume of co-funding will make $2mln
from each side.
The minimal sum of the credit will make $250 thousand, the maximum –
$1mln, the credits will be allocated in Armenian drams and U.S.
dollars, the term of credit – 5 years, interest rate – up to 14%
per year. The credits will be granted to representatives of all
branches, basically in the field of production, with the exception
of agriculture.
Deputy Chairman of the Central Bank of Armenia Artur Dzhavadian
stressed that the decision of Izmirlian Fund on realization of a joint
program with "ARARATBANK" is justified – the fact that the bank assets
grew for 43% from the beginning of the year is a good proof.
According to Dzhavadian, due to its potential and inner reserves,
"ARARATBANK" will manage to stand the growing competition, related
to the expected arrival of new players on the Armenian banking market.
Vice-President of Izmirlian Fund Jacques Sarkisian stressed that
the main priority of the credit programs realized in Armenia is the
establishment of new workplaces.
Starting from 1999, about 4-5 thousand new workplaces were established
in Armenia at the expense of the realization of Izmirlian Fund credit
programs.
Jacques Sarkisian also informed that the Fund financed the construction
of three buildings, the electric power station and the kitchen complex
of the Defense Ministry’s Military Institute after Vazgen Sarkisian,
the reconstruction and modernization of the library of Yerevan State
University.