ARMENIA’S AMERIABANK RECEIVES EBRD FINANCING $10 MILLION FOR FINANCING PRIVATE BUSINESSES IN ARMENIA
ARKA
March 4, 2010
YEREVAN, March 4, /ARKA/. The EBRD said it has provided a $10 million
loan to Ameriabank for on lending to local companies under its Medium
Sized Co-financing Facility (MCFF). It said in a press release that
the facility is aimed at supporting the development of the private
sector in Armenia and increases further the availability of financing
in the real economy sector with.
Ameriabank is the sixth largest bank in Armenia by total assets
and among the top three fastest growing banks in the country. It is
owned by "TDA Holdings Limited", an investment company affiliated
with Troika Dialog, a leading Russian investment banking group.
Under the MCFF, the proceeds of the EBRD loan will be used to
co-finance Ameriabank’s loans provided to medium-sized companies.
Ameriabank is supporting the project with up to $10 million from its
own resources. The transaction will support Ameriabank’s development
strategy, enabling it to offer larger loans to Armenian businesses
in the current challenging environment. Ameriabank will also take
the lead in originating and monitoring the co-financed loans.
"Through this project the EBRD is reconfirming its commitment to
support the growth of the private sector in Armenia by facilitating
access of local enterprises to much-needed financing. We are pleased
to extend our co-financing facility to Ameriabank, helping it to
expand its loan portfolio", said Mike Taylor, EBRD Director, Financial
Institutions, Central Asia, Caucasus, and Mongolia.
"Ameriabank proudly joins the Medium Sized Co-financing Facility as
this cooperation with EBRD opens new perspectives for Ameriabank’s
loan profile diversification, as well as highly contributes to the
development of the medium size business sector, as a cornerstone of the
Armenian economy", said the Chairman of the Management Board-General
Director of Ameriabank, Artak Hanesyan.
The EBRD loan is part of the Bank’s Armenia Multi-Bank Framework
Facility II, aimed at supporting the increase of financial
intermediation in Armenia through medium-term credit lines to local
commercial banks for on-lending to commercial customers. Since the
facility was launched in 2006, over $118 million was disbursed to 12
banks operating in Armenia.
Overall, since the beginning of its operations in Armenia, the EBRD
has committed over ~@335 million in approximately 70 projects in the
financial, corporate, infrastructure and energy sectors.
Ameriabank CJSC is one of the most dynamic banks in Armenia and
ranked among the country’s most stable financial institutions. It
is one of the first investment banks in Armenia, and since 2007 has
been providing an extensive list of innovative banking products and
services specifically tailored to meet its customers’ needs.