Development Bank of Austria to provide $15 mln credit to Ameriabank

PanARMENIAN.Net - Development Bank of Austria (OeEB) signed an 8-year agreement with Ameriabank for provision of $15 million in credit.

70% of the sum will be allocated to financing of the medium and small businesses, with the rest to be extended for financing of the programs in the sector of renewable energy and energy conservation.

The financing aims to promote the development of small and medium businesses, an important field for Armenia, providing 43% of GDP, as well as major employment possibilities.

Financing of renewable energy will stimulate stable development in the sector, for the needs of businesses and population as well.

Oesterreichische Entwicklungsbank AG (Development Bank of Austria) - finances investments of private companies in developing countries and emerging markets. We provide loans at near-market conditions, provide capital and increase the developmental effectiveness of our projects with related programs.