EBRD extends $5mln credit line to Armenia’s Araratbank for financing of SME

YEREVAN, January 8. /ARKA/. The European Bank for Reconstruction and Development (EBRD) is extending a $5mln credit line and $1mln limit under its Multi-Bank Finance Facility programs to Armenia’s Araratbank for financing of small and medium enterprises (SME). The financial package will be complemented by a technical cooperation grant.

The credit line will help the bank finance micro, small and medium businesses, EBRD official site reports.

The credit line will also allow Araratbank considerably expanding its long-term lending activities, particularly in the regions of the country, the Head of EBRD Yerevan Office Michael Weinstein said.

“This is a very important contribution to the growth of Armenia’s enterprise sector”, he said.
The details of the deal will be announced later, the press service of Araratbank said.

Araratbank Open Joint Stock Company (assignee of “Armsvyaz” bank) was founded on 02.09.1991. On October 31 1996 the bank was issued a banking license N4. In August the bank was reorganized to an open joint stock company.

As of September 30 2007, the bank’s assets totaled 16.4bln Drams with its capital being 4.5bln Drams and profit totaling 224.8mln Drams in January-September. ($1=305.3Drams). N.V. –0--