ARMECONOMBANK’S PARTICIPATION IN COFINANCING PROJECT OF EBRD REACHES 7 MILLION DOLLARS

Noyan Tapan
Nov 24, 2009

YEREVAN, NOVEMBER 24, NOYAN TAPAN. Armeconombank and the European Bank
for Reconstruction and Development (EBRD) have signed a new agreement
as part of the EBRD’s Cofinancing Project, under which a sum of 2
million dollars has been added to the previous 5 million dollars.

The press service of Armeconombank reports that loans from 400
thousand to 1.2 million USD at a minimum annual interest rate of 12%
are provided within the framework of the Cofinancing Project. The
repayment period is up to 5 years.

In the third quarter of 2009, there was a considerable growth in a
number of indices of Armeconombank. In particular, its assets grew by
15.5%, loans – by over 3.3bn drams, demand deposits – by 1.5bn drams,
deposits of legal entities – by 1.2bn drams, and deposits of natural
persons grew by more than 9.2%. Thanks to the increase in the above
mentioned indices, a net profit of about 300 million drams formed as
a result of the bank’s activity in the third quarter.

As of November 23, the total capital of Armeconombank exceeded 8.6bn
drams, its total assets exceeded 53bn drams, loans amounted to 29bn
drams, and deposits of natural persons amounted to over 6bn drams. The
bank has 35 branches in Armenia and Artsakh, including 17 branches
in Yerevan, 17 branches in various marzes of Armenia, and one branch
in Artsakh.