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ARMENIA : EBRD ARRANGES LOAN TO ARARATBANK TO HELP SMALL BUSINESSES IN ARMENIA
Tendersinfo News
October 17, 2011 Monday 6:30 AM EST
A loan has been arranged by the European Bank for Reconstruction
and Development (EBRD) to Araratbank for on-lending to increase
assistance to small businesses in Armenia. The bank has also secured
the participation of three international commercial banks.
A total of US$ 3 million will be contributed by the EBRD to the total
US$ 12 million financing package. The remaining will be syndicated to
Russia s OJSC Promsvyazbank, VDK Spaarbank nv of Belgium and Lebanon
s Byblos Bank S.A.L.
The deal indicates Promsvyazbank s first ever loan to an Armenian
bank and the first to Araratbank by VDK Spaarbank and Byblos Bank.
EBRD s loan facility to Araratbank comes under EBRD s Armenian
Multi-Bank Framework Facility. This initiative backs the sustainable
development of the country s banking sector. Equity and debt financing
are also provided by the program to major financial institutions,
focused on supporting micro, small and medium-sized enterprises.
Mike Taylor, the EBRD's Director for Financial Institutions, Central
Asia, Caucasus and Mongolia, said, With this new loan, Araratbank will
be able to continue to meet the demand for finance from local micro,
small and medium-sized enterprises. Such businesses have traditionally
found commercial financing difficult to obtain and will benefit from
this new facility.
Ashot Osipyan, Chairman of the Executive Board of Araratbank,
added, This new project with the EBRD allows Araratbank to access
loan funds directly from commercial banks and a diverse group of
financial institutions.
From: A. Papazian
Tendersinfo News
October 17, 2011 Monday 6:30 AM EST
A loan has been arranged by the European Bank for Reconstruction
and Development (EBRD) to Araratbank for on-lending to increase
assistance to small businesses in Armenia. The bank has also secured
the participation of three international commercial banks.
A total of US$ 3 million will be contributed by the EBRD to the total
US$ 12 million financing package. The remaining will be syndicated to
Russia s OJSC Promsvyazbank, VDK Spaarbank nv of Belgium and Lebanon
s Byblos Bank S.A.L.
The deal indicates Promsvyazbank s first ever loan to an Armenian
bank and the first to Araratbank by VDK Spaarbank and Byblos Bank.
EBRD s loan facility to Araratbank comes under EBRD s Armenian
Multi-Bank Framework Facility. This initiative backs the sustainable
development of the country s banking sector. Equity and debt financing
are also provided by the program to major financial institutions,
focused on supporting micro, small and medium-sized enterprises.
Mike Taylor, the EBRD's Director for Financial Institutions, Central
Asia, Caucasus and Mongolia, said, With this new loan, Araratbank will
be able to continue to meet the demand for finance from local micro,
small and medium-sized enterprises. Such businesses have traditionally
found commercial financing difficult to obtain and will benefit from
this new facility.
Ashot Osipyan, Chairman of the Executive Board of Araratbank,
added, This new project with the EBRD allows Araratbank to access
loan funds directly from commercial banks and a diverse group of
financial institutions.
From: A. Papazian