ARMECOMOMBANK SIGNS $5 MILLION AGREEMENT

AZG Armenian Daily
13/02/2008

Economy

Today, Armeconombank and Black Sea Trade and Development Bank (BSTDB)
signed an agreement of 5 million dollars, which will be allotted for
crediting of small and medium-size business development in Armenia. The
agreement was signed by Executive Director, Chairman of the Board of
Armeconombank David Sukiasian and Director of Financial Institutions
of BSTDB Nejet Sarisosen.

As Armeconombank press-service reports, credits will be extended within
the frames of the agreement according to the "criteria and procedures
of small and medium-sized business crediting", developed and specified
by BSTDB. Armeconombank will allocate the funds with repayment period
of 5 years, and the maximum amount of one credit makes up $400,000.

In particular, the credit will be extended to the companies, which
specialize in production, trade and services. "This agreement proves
once more that Armeconombank is faithful to its policy of assistance
to further development of small and midium-sized business in Armenia",
the message says. To be noted, Armeconombank also takes part in the
programs of small and medium-size business crediting of the European
Bank for Reconstruction and Development (EBRD), the International
Financial Corporation (IFC) and the KfW German Bank