BLACK SEA TRADE AND DEVELOPMENT BANK PROVIDES 5 MILLION DOLLAR CREDIT TO ARMECONOMBANK
Noyan Tapan
Feb 12, 2008
YEREVAN, FEBRUARY 12, NOYAN TAPAN. The Black Sea Trade and
Development Bank (BSTDB) has provided a 5 million dollar credit to
Armeconombank. The credit agreement was signed on February 12. NT
correspondent was informed by Armeconombank that these resources
will be used for crediting small and medium enterprises in Armenia,
particularly, companies engaged in production, trade and service
sectors.
According to the same source, crediting will be done by the
BSTDB-developed and established procedures and standards of credit
provision to small and medium enterprises. Based on it, Armeconombank
will receive credits for 5 years. The minimum amount of a credit for
a borrower will make 400 thousand dollars.
As of January 1, 2008, the overall capital of Armeconombank exceeded
8.47 bln drams (about 27.3 mln USD). Its overall assets make over
50.4 bln drams, the net profit in 2007 amounted to 1.88 bln drams. The
bank has 45 branches in Armenia and Artsakh.