ARDSHININVESTBANK, OFID SIGN USD10 MILLION LOAN AGREEMENT
/PanARMENIAN.Net/
23.03.2010 18:10 GMT+04:00
/PanARMENIAN.Net/ Ardshininvestbank and the OPEC Fund for International
Development (OFID) signed USD10 million loan agreement.
The loan is provided for 7 years to support the bank in its programs
for SME financing.
The official signing ceremony took place at OFID’s headquarter in
Vienna. The agreement was signed by Mr. Suleiman Jasir Al-Herbish,
the Director-General of The OPEC Fund for International Development
and Mr. Nerses Karamanukyan, the Chairman of the Management Board
of Ardshininvestbank.
Emphasizing the importance of this agreement, Karamanukyan said:
"This is a long-term line of credit which will create opportunities for
contributing to the development of local SMEs and will support them
in overcoming the impact of tough economic situation. The Bank aims
at continuously expanding its scope of cooperation with international
financial institutions to attract more external financial resources
and support the economic stability of republic of Armenia."
Suleiman Jasir Al-Herbish, General Manager of OPEC Fund for
International Development, in turn, stated: "Support for small and
medium sized enterprises is a key priority for OFID. We know that
Ardshininvestbank is active in this sector and is thus a good partner
for OFID’s financing. We are confident that the Line of Credit will
assist Ardshininvestbank in expanding its services to the SME sector,
thus stimulating overall economic development."
Ardshininvestbank CJSC was registered by the decision of the RA Central
Bank Board in 2003. It operates through Contact, MoneyGram, Migom,
IntelExpress, RIA, and Express Mail systems. In 2008, the bank was
awarded the International Quality Management System Certificate ISO
9001: 2000. ASHIB has 49 branches in Armenia, 6 branches in NKR and
an office in Paris.
The bank is a member of Armenian Bank Union, Armenian-Georgian Business
Cooperation Association, ArCa payment system, Armenian fund exchange
self-regulating organization, the Union of Armenian mortgage market and
affiliated member of MasterCard/Europay international payment system.
Moody’s assigned to the Bank Ba2 Long term and Not Prime short-term
global local currency deposit rating, Ba3 Long term and Not Prime
short-term foreign currency deposit rating and D- Bank financial
strength rating.
OFID (OPEC Fund for International Development) was founded in 1976
by OPEC (Organization of the Petroleum Exporting Countries) countries
to provide assistance to the non-OPEC countries. OFID provides loans
for project and program financing and for balance of payments support,
participates in the Heavily Indebted Poor Countries (HIPC) Initiative,
as well as provides financing through its trade finance facility.
Other types of financing include private sector financing,
grant programs as well as financial support to other international
organizations such as Common Fund for Commodities, International Fund
for Agricultural Development.