"ARMECONOMBANK", JOINTLY WITH EBRD, SIGNED AN AGREEMENT ON ATTRACTION OF A SYNDICATED LOAN AT THE SUM OF $15MLN

Mediamax Agency
Dec 14 2007
Armenia

Yerevan, December 14 /Mediamax/. "Armeconombank", jointly with the
European Bank for Reconstruction and Development (EBRD), signed an
agreement today on attracting a syndicated loan at the sum of $15mln.

Mediamax reports that the Executive Director of "Armeconombank"
David Sukiasian stated today that the signing of such an agreement is
unprecedented in the banking practice of Armenia, since for the first
time 6 well-known international banks participated in the formation
of the syndicated loan.

The banks, participating in the syndicated loan, are: EBRD, German
Commerzbank AG, Austrian Raiffeizen Zentralbank Osterreich AG and
Bank Austria Creditanstalt AG, Indian State Bank of India, Taiwanese
Land Bank of Taiwan and the English FBN Bank (UK) Limited.

The syndicated loan is composed of two separate loans. The first one,
at the volume of $5mln, will be provided by the EBRD for the term of
36 months. The second loan, at the volume of $10mln, will the provided
by participant-banks.

The financial means will be directed to crediting of Armenian
companies, involved in the sphere of production, service and trade.

The maximum sum of the credit will make $400.000.

"Our banking system enters the international financial markets, is
integrated in the international banking system and attracts financial
means for the development of small and medium enterprises", member of
the Board of the Armenian Central Bank Vartan Movsisian stated today.

From: Emil Lazarian | Ararat NewsPress