EBRD intends to lend $7 million to Armenian ProСredit bank for supporting micro and small enterprises
10.12.2008,
02:36
European Bank for Reconstruction and Development intends to lend $7 million to Armenian ProCredit Bank for supporting micro and small enterprises, the bank’s press office reported on Tuesday.
YEREVAN, December 9. /ARKA/. European Bank for Reconstruction and Development intends to lend $7 million to Armenian ProCredit Bank for supporting micro and small enterprises, the bank’s press office reported on Tuesday.
The credit will be provided in two tranches - $2 million and $5 million.
The bank says in its report that the credit will help ProCredit Bank to continue its financial program aimed to supporting small and medium enterprises.
Chikako Kuno, director of the EBRD group for small business, said that although micro- and small-scale businesses play the key part in economic development and create jobs, they have often no access to financial services.
He said that this credit directly promotes this dynamic sector in Armenia.
Kuno pointed out the important role entrepreneurs play in transition to market economy.
That is why the bank pays a special attention to this sector of the economy, he said.
Bertolt Hertzfeldt, executive director of ProCredit Bank, said that diversification of the bank’s financing basis stresses its sustainable growth.
He said additional financing will enable the bank to support small-scale business and spur its development. ProCredit Bank launched its activity in Armenia in February 2008 as full-service universal bank.
ProCredit Bank’s shareholders are ProCredit Holding AG (66.66%), KfW (16.67%) and EBRD (16.67%).
The bank’s head office is in Yerevan. The bank has three branches in Yerevan and one in Vanadzor.
ProCredit Bank has 4,000 clients, including depositors.
The bank’s credit portfolio is equal to $24 million and deposits are equal to $7 million. -0---
The credit will be provided in two tranches - $2 million and $5 million.
The bank says in its report that the credit will help ProCredit Bank to continue its financial program aimed to supporting small and medium enterprises.
Chikako Kuno, director of the EBRD group for small business, said that although micro- and small-scale businesses play the key part in economic development and create jobs, they have often no access to financial services.
He said that this credit directly promotes this dynamic sector in Armenia.
Kuno pointed out the important role entrepreneurs play in transition to market economy.
That is why the bank pays a special attention to this sector of the economy, he said.
Bertolt Hertzfeldt, executive director of ProCredit Bank, said that diversification of the bank’s financing basis stresses its sustainable growth.
He said additional financing will enable the bank to support small-scale business and spur its development. ProCredit Bank launched its activity in Armenia in February 2008 as full-service universal bank.
ProCredit Bank’s shareholders are ProCredit Holding AG (66.66%), KfW (16.67%) and EBRD (16.67%).
The bank’s head office is in Yerevan. The bank has three branches in Yerevan and one in Vanadzor.
ProCredit Bank has 4,000 clients, including depositors.
The bank’s credit portfolio is equal to $24 million and deposits are equal to $7 million. -0---
