EBRD OPENS A $10 MILLION CREDIT LINE TO AMERIABANK TO SUPPORT REAL ECONOMY SECTOR
ArmInfo
22.03.2010
ArmInfo. The EBRD is boosting further the availability of financing
for the real economy sector in Armenia with a new $10 million credit
line to Ameriabank for on-lending to small and medium-sized (SMEs)
private enterprises, Ameriabank told ArmInfo.
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.
The EBRD credit line will enable Ameriabank to develop further its
SME lending activities and meet the high demand for financing from
local companies, which continue to face limited access to funding.
"Supporting the growth of small and medium companies is one of the
EBRD’s key priorities in Armenia. The new loan offered to Ameriabank
will facilitate the access of local enterprises to much-needed
financing", said EBRD President, Thomas Mirow.
"We are pleased to continue our cooperation with the EBRD. The new
financing provided to Ameriabank will help us address the increasingly
high demand for financing among small and medium businesses in
Armenia and will contribute to further growth and revitalization
of the Armenian economy", said the General Director of Ameriabank,
Artak Hanesyan. Earlier this month the EBRD provided another $10
million co-financing line to Ameriabank to support the development
of medium-sized businesses.
Since the beginning of its operations in Armenia, the EBRD has
committed over $393 million to the country in 77 projects in the
financial, corporate, infrastructure and energy sectors. Ranking of
the Armenian Banking System prepared by the Agency of Rating Marketing
Information (ArmInfo) says Ameriabank doubled credit portfolio in
2009 to 67.8 billion drams (4th position) or 65.5% of assets. In
2009 Ameriabank ensured 1.5 billion drams profit (4th position). TDA
Holdings Limited, the affiliated company of Troika Dialog, is the
majority shareholder of Ameriabank (99.99%).