Areximbank-Gazprombank Group to increase business lending in 2011

PanARMENIAN.Net - Deputy CEO of Areximbank-Gazprombank Group CJSC Vigen Barseghyan said the bank will pay great attention to small and medium enterprises lending in 2011.

“We directed $2mln for SME lending in the first quarter of 2011 and plan to allocate another $10mln by the end of the year,” Barseghyan said.

The increase in SME lending is envisaged under the bank program for strategic development until 2013. According to the program, up to $30mln is planned to be directed for SME lending.

Barseghyan said that lending will be implemented due to own resources and funds attracted from international financial organizations.

“An agreement was reached with the World Bank on launch of the procedure for the bank involvement in the WB program on SME lending on favorable terms. We expect WB experts to arrive soon. Currently we can allocate loans at 12-14% annual interest rate in AMD and USD for the term of up to 7 years, depending on the loan purpose. Loans are provided to all fields of economy,” said Barseghyan.