EBRD to give Armeconombank $3 mln credit for micro & small business
25.10.2007,
01:35
The European Bank of Reconstruction and Development (EBRD) will give the Armeconombank a credit at $3mln for micro and small entrepreneurship.
YEREVAN, October 24. /ARKA/. The European Bank of Reconstruction and Development (EBRD) will give the Armeconombank a credit at $3mln for micro and small entrepreneurship.
The EBRD and Armeconombank signed a credit agreement today, according to the bank’s press service.
According to the agreement, the EBRD will give micro business express loans against property. The bank also offers free consulting for Armenian businessmen.
Within the framework of the agreement, $4mln have been allocated by the EBRD for small and medium entrepreneurship and $4.5mln for big business.
The Armeconombank has a considerable experience in the sphere of medium and small business. For seven years the bank has been implementing the Armenian-German Fund’s credit program for small and micro entrepreneurship.
The Armeconombank OJSC was recorded on August 26, 1991.
About 75% of the bank’s shares belong to its main shareholders which are the EBRD (25%+1 share) and SIL GROUP of the Sukiasian family (50.6%).
As of September 30, 2007 the bank’s assets totalled over AMD 64bln and the capital amounted AMD 8bln. The bank’s liabilities totalled AMD 5.2bln. In January-September the bank has generated a profit of AMD 1.4bln, the credit portfolio totalling AMD 25.3mln.
Armenia became EBRD member on December 7, 1992 with EUR 10mln of shares. The EBRD’s portfolio totals EUR 60mln. In 2006 the bank allocated a record-breaking sum (about EUR 40mln) for Armenia. 12 projects have been implemented in the country. In 2008 the EBRD plans to double its investment portfolio in Armenia, reaching the notch of EUR 120mln. Z. Sh. –0--
The EBRD and Armeconombank signed a credit agreement today, according to the bank’s press service.
According to the agreement, the EBRD will give micro business express loans against property. The bank also offers free consulting for Armenian businessmen.
Within the framework of the agreement, $4mln have been allocated by the EBRD for small and medium entrepreneurship and $4.5mln for big business.
The Armeconombank has a considerable experience in the sphere of medium and small business. For seven years the bank has been implementing the Armenian-German Fund’s credit program for small and micro entrepreneurship.
The Armeconombank OJSC was recorded on August 26, 1991.
About 75% of the bank’s shares belong to its main shareholders which are the EBRD (25%+1 share) and SIL GROUP of the Sukiasian family (50.6%).
As of September 30, 2007 the bank’s assets totalled over AMD 64bln and the capital amounted AMD 8bln. The bank’s liabilities totalled AMD 5.2bln. In January-September the bank has generated a profit of AMD 1.4bln, the credit portfolio totalling AMD 25.3mln.
Armenia became EBRD member on December 7, 1992 with EUR 10mln of shares. The EBRD’s portfolio totals EUR 60mln. In 2006 the bank allocated a record-breaking sum (about EUR 40mln) for Armenia. 12 projects have been implemented in the country. In 2008 the EBRD plans to double its investment portfolio in Armenia, reaching the notch of EUR 120mln. Z. Sh. –0--
