$20 Million Taken From FMO And DEG Already Distributed By Ameriabank
17.09.2010,
16:43
meriabank has already distributed the $20 million borrowed from FMO and DEG for lending to small and mid-scale businesses, said Artak Hanesyan, the director general and chairman of Ameriabank’s directorial board.
YEREVAN, September 15. /ARKA/.Ameriabank has already distributed the $20 million borrowed from FMO and DEG for lending to small and mid-scale businesses, Artak Hanesyan, the director general and chairman of Ameriabank’s directorial board, said at a news conference on Thursday.
In December 2009, the FMO and the DEG signed an agreement with Ameriabank on extending a $30-million long-term loan to the latter.
The $20 million of this amount was intended for lending to small and medium enterprises, and the remaining $10 million to the renewable energy sector.
“Some 67 loans amounting to $1.5 million each have been extended to small and mid-scale business companies whose annual turnover doesn’t exceed AMD 5 billion and who have no more than 200 employees,” Hanesyan said adding that Ameriabank would ask additional financial resources from FMO and DEG under this program, and negotiations over the matter would begin very soon.
Hanesyan said that this program also allows Ameriabank to refinance the loans extended earlier.
“All the credits extended since April 2009 on European criteria of assessment of small and mid-scale businesses are already refinanced,” he said.
The annual interest rate of the credit portfolio under the program averages 12.5%, and loans have been extended for seven years.
Besides, Ameriabank, being aware of the upcoming lowering of the interest rate on the financial resources attracted from FMO and DEG, has worked out a special program for clients.
“Those borrowers serving their loans in time and fulfilling their contractual obligations properly will have their interest rates downed by 0.5% twice in every six months,” he said.
As a whole, such clients can drive their initial interest rates 2% down.
The Ameriabank has received a special written gratitude from the FMO and the DEG for successful introduction of the risk-controlling system in the bank.
Interest rates on loans extended to Ameriabank have been lowered as well.
Speaking about the program’s second component implying the lending for renewable energy sector ($10 million), Hanesyan said that Ameriabank had already received $5 million.
“Requirements for loans totaling $3 million are already satisfied.”
Hanesyan expressed hope that this money will be distributed in the next five months.
The Ameriabank CJSC (former Armimpexbank) was founded in July 1992 using the facilities of the Armenian branch of the USSR Vnesheconombank (Foreign Economy Bank).
On September 8, 1992, the bank received a banking license from the Central Bank of Armenia.
In August 2007, TDA Holdings limited, affiliated with Troika Dialogue, Russia’s leading investment company, purchased the bank’s shares.
FMO, the Netherlands Finance Development Company is this country’s international development bank. FMO invests risk capital in companies and financial institutions in developing countries. Its investment portfolio amounts to €4.6 billion. Thanks to this, FMO is among the world largest developing banks crediting the private sector.
DEG (Deutsche Investitions- und Entwicklungsgesellschaft MBH) is a member of KfW Group. DEG, a member of KfW Bankengruppe, finances investments of private companies in developing and transition countries. It also promotes private business structures to contribute to sustainable economic growth. ($1 = AMD 363.23). --0---
In December 2009, the FMO and the DEG signed an agreement with Ameriabank on extending a $30-million long-term loan to the latter.
The $20 million of this amount was intended for lending to small and medium enterprises, and the remaining $10 million to the renewable energy sector.
“Some 67 loans amounting to $1.5 million each have been extended to small and mid-scale business companies whose annual turnover doesn’t exceed AMD 5 billion and who have no more than 200 employees,” Hanesyan said adding that Ameriabank would ask additional financial resources from FMO and DEG under this program, and negotiations over the matter would begin very soon.
Hanesyan said that this program also allows Ameriabank to refinance the loans extended earlier.
“All the credits extended since April 2009 on European criteria of assessment of small and mid-scale businesses are already refinanced,” he said.
The annual interest rate of the credit portfolio under the program averages 12.5%, and loans have been extended for seven years.
Besides, Ameriabank, being aware of the upcoming lowering of the interest rate on the financial resources attracted from FMO and DEG, has worked out a special program for clients.
“Those borrowers serving their loans in time and fulfilling their contractual obligations properly will have their interest rates downed by 0.5% twice in every six months,” he said.
As a whole, such clients can drive their initial interest rates 2% down.
The Ameriabank has received a special written gratitude from the FMO and the DEG for successful introduction of the risk-controlling system in the bank.
Interest rates on loans extended to Ameriabank have been lowered as well.
Speaking about the program’s second component implying the lending for renewable energy sector ($10 million), Hanesyan said that Ameriabank had already received $5 million.
“Requirements for loans totaling $3 million are already satisfied.”
Hanesyan expressed hope that this money will be distributed in the next five months.
The Ameriabank CJSC (former Armimpexbank) was founded in July 1992 using the facilities of the Armenian branch of the USSR Vnesheconombank (Foreign Economy Bank).
On September 8, 1992, the bank received a banking license from the Central Bank of Armenia.
In August 2007, TDA Holdings limited, affiliated with Troika Dialogue, Russia’s leading investment company, purchased the bank’s shares.
FMO, the Netherlands Finance Development Company is this country’s international development bank. FMO invests risk capital in companies and financial institutions in developing countries. Its investment portfolio amounts to €4.6 billion. Thanks to this, FMO is among the world largest developing banks crediting the private sector.
DEG (Deutsche Investitions- und Entwicklungsgesellschaft MBH) is a member of KfW Group. DEG, a member of KfW Bankengruppe, finances investments of private companies in developing and transition countries. It also promotes private business structures to contribute to sustainable economic growth. ($1 = AMD 363.23). --0---
