Ameriabank becomes participant in IFC Global Trade Finance Program
(GTFP)

2009-07-04 20:40:00

ArmInfo. Ameriabank and IFC, a member of the World Bank Group signed a
contract of $5 million trade finance guarantee that will allow the bank
to expand financing of foreign trade transactions of its clients
throughout the country. "We are proud to join IFC’s trade finance
program which will given us more opportunities to generate
international business with out customers," said Artak Hanesyan,
General Director and Chairman of the Management Board of Ameriabank.
"Trade guarantees from such reputable institutions as IFC, particularly
during thee difficult times, have a positive impact on our bank’s
expansion. " He said that GTFP aims to provide import-oriented
enterprises with letters of credit and guarantee. Ameriabank will get
an opportunity to participate in the international network of GTFP
participant-banks numbering over 300, A.Hanesyan said. "Without
freezing funds, we will be able to provide credit guarantees and
letters of credits on preferential terms", he said. IFC will provide
guarantees at +3% annual interest, which the bank will provide to its
clients at 7% annual interest. The guarantee duration will depend on
the contracts made with the bank. "We can start financing under this
program immediately since the terms they are currently at the stage of
approval, " he said. Under this program, credit guarantees will be
provided mainly to corporate clients of Ameriabank, in particular, to
the legal entities engaged in import, including of raw materials. A.
Hanesyan said the bank has already received 68 applications for a total
of $.2 billion drams guarantees, including the share of import-oriented
guarantees is the largest (80%). For his part Thomas Lubeck, IFC
Regional Head for Caucasus, said that Ameriabank has a serious base of
corporate clients in Armenia, which will ensure large-scale activity
both for the IFC and the Bank. He said that IFC provided $2.5 million
under the program in 2009 including several millions to Armenia. "We
are glad to start our cooperation with Ameriabank. By joining the IFC
Global Trade Finance Program the bank will help Armenian companies
reach new markets and expand foreign trade in Armenia." T.Lubeck
highlighted that the IFC experts have studied the state of Ameriabank
before signing the contract and made sure in its sustainability. It is
the first step towards long-term and fruitful cooperation and the young
and professional leadership of Ameriabank will contribute to it, he
said. T. Lubeck said the IFC has been cooperating with the owner of
Ameriabank, Russian Troika Dialog Group since 1996. Assistance to the
banking system of Armenia in conditions of the global crisis through
provision of guarantees, financing or participation in the capitals of
the banks has a special place in the IFC strategy. The IFC attaches
special importance to the potential of the Armenian commercial banks
which are full- fledged and have rather developed mechanisms of SME
support, which generally contribute to economic development, T.Lubeck
said.