ARMSWISSBANK AND EBRD SIGNED $8 MILLION CREDIT AGREEMENTS
PanARMENIAN.Net
27.01.2010 17:57 GMT+04:00
/PanARMENIAN.Net/ Armswissbank and the European Bank for Reconstruction
and Development (EBRD) signed Wednesday $ 8 million worth credit
agreements aimed at crediting small and medium business ($ 5 million)
and funding the trade sector ($ 3 million).
As noted by Armswissbank Executive Director Gevorg Machanyan, the SME
crediting agreement will enable the bank to increase credit volumes
in the sphere. The maximum loan amount will make $ 500, with the
interest rate comprising 14%-16%. Companies having no more than 250
employees are eligible for loan programs.
Loans will be allocated to the enterprises whose activities are aimed
at increasing production effectiveness, creating new productions and
broadening the existing ones etc., the banker said.
"Within program frameworks, the bank will offer favorable conditions
to those companies which direct their activities at boosting export
and replacing the form of imported products," he noted.
"The agreement signing period coincides with the bank’s policy of
offering corporate banking services. In that connection, the bank
will propose discussions with EBRD for further cooperation and
implementation of additional programs," Gevorg Machanyan said.
For his part, Head of EBRD Yerevan Office Valeriu Razlog said it was
the first joint project with Armswissbank.
"Our strategy is aimed at strengthening Armenia’s banking and real
economy sectors," he noted.
"Despite the financial crisis, our banks managed to increase their
credit portfolio in 2009. I hope the project will soon become
accessible to entrepreneurs, increasing the clients’ number," said
Vache Gabrielyan, Vice-Chairman of Armenia’s Central Bank.
Armswissbank CJSC was founded on October 7, 2004 by founder Vartan
Sirmakes, who is also the co-owner and executive director of "Franck
Muller Watchland".
In 2007, RA Central Bank issued licenses for brokerage and deposit
activities.
The bank implements its activities in 3 spheres: corporate, investment
and private banking.