AMERIABANK AND EBRD TO DIRECT 20 MLN USD TO CO-FINANCING OF MEDIUM-SIZED ENTERPRISES
ArmInfo
05.03.2010
ArmInfo. Ameriabank and European bank for Reconstruction and
Development (EBRD) have signed an agreement on joint implementation of
the credit project "Medium Sized Co-Financing Facility"(MCFF), under
which each of the parties will allocate 10 mln USD from its own funds.
As a result, the total amount of crediting will make up 20 mln USD.
The specified agreement was signed in Yerevan on Thursday by EBRD
Director of Financial Institutions in Central Asia, Caucasus and
Mongolia Mike Taylor and Chairman of Directorate, Director General
of Ameriabank Artak Hanesyan.
Hanesyan said at a press-conference that under the project the
funds will be spent on financing medium- sized loans provided by
Ameriabank to the local enterprises. "Ameriabank highly appreciates
its participation in the given project. Cooperation with EBRD opens
for us new prospects of credit portfolio diversification, and to a
great extent contributes to development of medium business, which is
the basis of Armenian economy",- he stressed. Under the given project,
the average amount of a loan will be $1-2 mln, and the loans will be
provided in US dollars, which will especially interest export-oriented
companies. He currency risks will be divided between the parties. The
part of the loan financed by EBRD is considered direct financing where
Ameriabank has a status of an agent, and as regards own crediting,
we’ll assume the risks",- said Hanesyan.
For his part, Mike Taylor pointed out that Ameriabank is the 13th
bank EBRD is cooperating with in Armenia. By the given project, EBRD
confirms its willingness to contribute to development of private
sector of Armenia by making the necessary financing more available
for local enterprises, he stressed. According to him, the document
signed today is part of EBRD’s corporate strategy, under which it is
envisaged to work with the best banks in Armenia. He expressed hope
that this is the first step towards further fruitful cooperation with
the dynamically developing Ameriabank.
EBRD says that the given loan is a component of Multi-Bank Framework
Facility II in Armenia aimed at developing financial mediation in
the country by opening mid-term credit lines for local commercial
banks for further commercial crediting. The program was launched in
2006, and within its frames over 118 mln USD were allocated for 12
Armenian banks.
According to the Ranking of the Banking System in Armenia by the
Agency of Rating Marketing Information (ArmInfo), in 2009 Ameriabank
doubled its credit portfolio to 67.8 bln AMD (4th position) or 65,5%
of assets. The net profit of the bank was 1.5 bln AMD (4th position).
The majority shareholder of Ameriabank is TDA Holdings Limited
affiliated with Troika Dialog, the share of participation in the
capital being 99,99%.