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  • Ebrd - European Bank For Reconstruction And Develo : Ebrd Supports F

    EBRD - EUROPEAN BANK FOR RECONSTRUCTION AND DEVELO : EBRD SUPPORTS FINANCING TO MICRO, SMALL AND MEDIUM-SIZED ENTERPRISES IN ARMENIA

    01/31/2013| 07:48am US/Eastern
    US$5 million loan in local currency to Converse Bank

    Date: 31 January 2013
    The European Bank for Reconstruction and Development (EBRD) is lending
    US$ 5 million equivalent in local currency to Converse Bank for
    on-lending to micro, small and medium-sized enterprises (MSMEs) in
    Armenia. The EBRD's funds will help Converse Bank to expand its
    lending portfolio, especially in the country's remote rural areas.

    Converse Bank is one of the leading financial institutions in Armenia
    and has been an EBRD client since 2008. The bank offers services to
    all segments of the market through its wide network of branches in all
    regions of the country.

    The loan to Converse Bank falls under two important EBRD initiatives:
    (i) the Armenian Multi-Bank Framework Facility II (MBFF II) which aims
    to support the sustainable development of the country's banking sector
    with a special focus on supporting micro, small and medium-sized
    enterprises and (ii) the Local Currency Lending Programme in Early
    Transition Countries (ETC LCY), which aims to further private sector
    development by providing long-term financing and ensuring that
    Armenian borrowers, including local enterprises, banks and
    microfinance organisations, avoid taking on currency exchange risks.

    "The local business will greatly benefit from this facility in the
    current economic environment where there is a limited source of local
    currency long-term financing. This transaction reinforces the EBRD's
    commitment to support the development of private businesses in Armenia
    as well as to further strengthen the financial sector in the country,"
    said Valeriu Razlog, Head of the EBRD Resident office in Yerevan.

    The EBRD has been active in Armenia since the country's independence
    and to date has invested over ~@613 million. The Bank is focused on
    supporting the development of local enterprises and financial
    institutions and specifically seeks to promote a competitive,
    transparent and fair business environment in Armenia. In 2012, the
    EBRD signed 15 projects worth a total of ~@94 million in Armenia.

    Last updated 31 January 2013

    http://www.4-traders.com/news/EBRD-European-Bank-for-Reconstruction-and-Develo-EBRD-supports-financing-to-micro-small-and-med--15985394/

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