"ARMECONOMBANK" TO RECEIVE FROM EBRD A LOAN AT THE SUM OF $3MLN FOR FINANCING MICRO- AND SMALL BUSINESS IN ARMENIA

Mediamax Agency
Oct 24 2007
Armenia

Yerevan, October 24 /Mediamax/. "Armeconombank" will receive from
the European Bank for Reconstruction and Development (EBRD) a loan
at the sum of $3mln for financing micro- and small business in Armenia.

As Mediamax was told in the press service of "Armeconombank", the
corresponding loan agreement between "Armeconombank" and EBRD was
signed today.

The maximum volume of a credit, provided to micro-business, will make
$10 thousand, with a repayment term of 2 years, and the maximum volume
of credits to subjects of small business will make $100 thousand,
with a repayment term of 3 years. The interest rate of the credits
will make 22% per year.

Within the framework of the loan agreement, it is also planned to
provide the subjects of micro-business, "Express" credits on the
security of personal property.

Aiming at assisting the process of crediting, EBRD will provide
"Armeconombank" consultation service, which will be directed to
the increase of the qualification level of the credit specialists,
as well as the realization of the very process of crediting.

As for today, $4mln from the financial means, received by
"Armeconombank" from EBRD within the framework of loan agreements,
have been directed to crediting of small and medium enterprises,
and $4,5mln – to crediting of large companies.