ARMENIAN AMERIABANK INTENDS TO BEGIN IMPLEMENTATION OF CREDIT PROGRAMS TOTALLING $ 40-60 MILLION
YEREVAN, October 14. / ARKA /. Armenian Ameriabank intends to begin the implementation of two loan programs of $ 40-60 million in the fourth quarter of 2009, the director of corporate Ameriabank Levon Arevshatyan told the journalists on Tuesday.
According to him, the first program, valued at $ 20 million, will be realized in the field of renewable energy, in particular, small hydropower and wind energy.
"It is planned to build or renovate 5.7 SHPP with a total capacity of 15 to 20MVt," he said.
Arevshatyan explained that the funding for the program would be implemented jointly with two international financial institutions that provide credit to $ 15 million and $ 5 million.
He did not specify their names, saying that the formal issues have still to be resolved.
Arevshatyan noted that interest rates would start with approximately 11% per annum. The credits will be granted for a period of eight years with a three-year grace period.
"The first loans will be provided in December of this year, and the active phase will begin in the first quarter of 2010," he explained.
In addition, the bank intends to launch a program of lending to small and medium businesses, with particular emphasis placed on the development of medium-sized enterprises.
"Small business is certainly very important for the economy, but a layer of medium-sized businesses, in fact, requires flexible use of credit at preferential terms," - he said, adding that the middle-sized business is important to diversify the economy.
Arevshatyan noted that the approximate amount of credit would be $ 20-40 million, and all those businesses and companies whose annual turnover reaches $ 15 million and the number of employees is up to 250 people will be able to obtain credit," he explained.
”The terms of loans under this program will be similar to those voiced in the context of renewable energy," he added.
Ameriabank (former Armimpexbank) was established in July 1992 on the basis of the Armenian branch of the USSR Vnesheconombank. On September 8, 1992, the Central Bank of Armenia issued a license to the bank.
TDA Holdings Limited, affiliate of the Russian Troika Dialog Investment Company, became the bank’s principal shareholder (96.15%) in August 2007. In May 2008 the bank was renamed Ameriabank.
Armenian Stock Exchange awarded a status of market-maker of the bonds of IMEX Group to Ameriabank on November 3 2008.
The bank’s assets grew by 65.1% up to 80.9bln Drams in the first quarter of 2009, which is a 3.8-time increase as compared with the same period of last year.
The bank’s liabilities were 60.4bln Drams in the first quarter of 2009 and total capital was 20.51bln Drams. Authorized stock totaled 18.2bln Drams by the end of the first quarter. The bank’s credit investments were 32.8bln Drams in the period with liabilities to clients totaling 53.8bln Drams. Net profit after taxes amounted to 113.6mln Drams in January-March 2009 – an increase of 110.2% as compared with 54mln Drams in the beginning of the year. --0--
