Austrian Development Bank to extend $15mln loan to Ameriabank

YEREVAN, October 1. /ARKA/. Austrian Development Bank (OeEB) will extend a loan worth $15 million to Ameriabank closed joint stock company

Some 70% of the amount will be spent to finance small and medium-sized businesses, the remaining 30% will be allocated for renewable energy and power production projects, the press office of Ameriabank reported.

As per the agreement signed, the loan is provided for eight years.

Small and medium enterprises (SME) are of great importance for sustainable development of Armenia’s economy. SME sector provides about 43% of the country’s GDP and substantial part of jobs. This long-term financing will considerably facilitate development and further expansion of SME in Armenia and will help increase their competitiveness on domestic and global markets, according to the report.

Financing the renewable energy sector will help strengthen sustainable development of the field and ensure energy use efficiency among both businesses and population.

Ameriabank closed joint stock company is a universal bank offering investment, corporate and retail banking services in a complex solution package. Ameriabank has been the first investment bank in Armenia.  It has been providing a wide range of innovative banking services since 2007.

Austrian Development Bank has been operating as a state development bank in Austria since March 2008. The bank specializes in long-term financing for private sector to ensure sustainable development in developing countries. OeEB is also offering technical assistance to be used for spreading the outcome of development projects. –0—