EDB allocates $30mln to Ameriabank for SME lending

PanARMENIAN.Net - On December 16, Ameriabank CJSC and Eurasian Development Bank (EDB) signed an agreement in Yerevan, under which the Armenian bank will receive a $30mln credit line for financing small and medium enterprises (SME).

The agreement was signed by Ameriabank Chairman of the Management Board-General Director Artak Hanesyan and EDB Deputy Chairman of the Executive Board, Managing Director for Investments Marat Djaukenov.

The financing is allocated as part of the EDB program on support of SME through provision of target credit lines to financial institutions.

“Small and medium business is of strategic importance for Armenia, securing its economic stability. Its share in the country’s GDP structure makes 40%. Credit funds will facilitate creation and enhancement of favorable conditions for SME development,” Djaukenov said following the agreement signing.

Hanesyan added for his part that the credit funds will allow strengthening SME positions in the republic and create opportunities for their further development. According to him, the credit funds will be allocated for a five-year term at a market rate, which makes 14% on an average.

Hanesyan said that the bank is ready to lend any field of economy, where new jobs will be created.

He noted that the credit funds provided by the EDB will be placed until the end of February 2011.