Ameriabank to aid SMEs through OFID loan

PanARMENIAN.Net - The OPEC Fund for International Development (OFID) has signed a $20m loan agreement with Ameriabank of Armenia. The transaction represents OFID’s largest loan to a local commercial bank in the country, ARKA reports.

The loan is granted for a period of 7 years and will be used to finance Armenia’s small and medium-sized enterprises (SMEs), which account for 35-40% of Armenia's GDP, Ameriabank said in a press release today.

Ameriabank CEO Artak Hanesyan is quoted as saying that the Bank appreciates the establishment of new partnerships with OFID.

"Attraction of new financial resources will allow us to increase lending to SMEs and secure long-term financing of this sector. This will in turn contribute to the expansion of their operations, increase their competitiveness, create new jobs and boost the economic development of Armenia," he said.

By expanding its relationship with leading international organizations Ameriabank has attracted so far a total of $320 million in financial resources.

OFID was established in 1976 by OPEC member countries to promote economic and social progress and provide financial assistance to developing countries.