EBRD EXTENDS REPAYMENT OF FIRST SHARE OF CREDITS BY ARMECONOMBANK FOR ONE YEAR

Noyan Tapan

Jan 22, 2009

YEREVAN, JANUARY 22, NOYAN TAPAN. The European Bank for Reconstruction
and Development (EBRD) has extended Armeconombank’s repayment period
of the first share of credits under the syndicated credit agreement
for one year.

The bank’s CEO David Sukiasian said at the January 22 press conference
that January 20 was the repayment date of the first – 5 million dollar
share of credits received under the agreement, but EBRD extended the
repayment period for a year.

The 15 million dollar syndicated credit agreement for small and
medium business crediting was signed between Armeconombank and EBRD
in December 2007.

The EBRD representative Michael Weinsten said that in recent years
Armeconombank has achieved success and is considered to be one of
the most actively operating banks in terms of trade promotion. In
his words, last year Armeconombank was recognized by EBRD as
the best Armenian bank within the framework of the Trade Finance
Program. M. Weinstein announced that on January 21 Armeconombank
was given a 5 million dollar credit line under the International
Finance Corporation’s Trade Finance Program. This program envisages
issuing bank guarantees and providing Armenian companies with cash
for conducting export and import transactions.

From: Emil Lazarian | Ararat NewsPress