WB seeks to enlarge list of participants in its SME crediting program

2009-12-13 14:58:00

ArmInfo. The World Bank seeks to enlarge the list of participants in
its program to credit small and medium-sized enterprises, Michael
Edvards, the WB’s senior financial expert for Europe and Central Asia
said in an interview with ArmInfo.

The WB has already asked the Central Bank to involve new banks in the
program. Edvards expects that the list of participant banks will be
enlarged by the end of this year. As regards credit companies, the CB
has said that it gives preference to commercial banks. However, as far
as Edvards knows, it has asked some micro-financial companies to
decide if they want to take part in the program or not.

To remind, the WB’s $50mln SME crediting program involves 8 commercial
banks: Converse Bank, HSBC Bank Armenia, Armeconombank,
Ardshininvestbank, ProCreditBank, Bank ACBA-Credit Agricole,
ARARATBANK, Bank VTB Armenia.

IBRD (part of WB Group) and the Central Bank of Armenia signed
relevant credit agreement Feb 26 2009.

From: Emil Lazarian | Ararat NewsPress