October 18, 2016 - 16:44 AMT
PanARMENIAN.Net - ACBA Credit Agricole Bank and the Dutch Development Bank (FMO) have signed a $15 million loan agreement on the sidelines of an FMO-organized conference - The Future of Finance - in the Dutch town of Noordwijk.
The Armenia-based Bank said the loan funds will be channeled into the development of Armenia’s small and medium-sized enterprises and the agricultural sector. The loan is a multi-currency one which means that funds will be available both in U.S. dollars and Armenian drams. The Bank described the agreement as the first step of direct cooperation with FMO.
The ACBA Credit Agricole Bank started cooperating with FMO back in 2012 in the framework of a credit in the national currency. The agreement had been signed between the Bank and the EBRD with FMO acting as the second creditor.
ACBA was established in 1996 as part of EU’s TACIS program. As a result of a long-term and mutually beneficial cooperation between ACBA Bank and the French Credit Agricole the latter became the biggest shareholder of ACBA inSeptember,2006. ACBA was restructured, becoming a closed joint stock company and was renamed ACBA CREDIT AGRICOLE BANK.
The Dutch Development Bank (FMO) has invested a total of €8.9 billion in the economies of about 85 developing countries and is one of the largest financial organizations in the world, stimulating private sector development.