EBRD earmarks $118 million to Armenian banks under Multi-Bank Framework facility II program
EBRD earmarks $118 million to Armenian banks under Multi-Bank Framework facility II programARKA, 05.03.20010
European Bank for Reconstruction and Development has earmarked $118 million to Armenian banks under Multi-Bank Framework Facility II program.
On Thursday, Mike Taylor, the EBRD director on financial institutions of the Central Asia, Caucasus and Mongolia, speaking at a news conference in Yerevan, said that the EBRD intended to invest $130 million in Armenia’s banking sector under this program.
The program launched in 2006 is aimed at development of financial mediation in the country by opening mid-term credit lines for local commercial banks for commercial lending.
Taylor said that Ameribank is the 13th bank, with which the EBRD has established cooperation under this program.
On Thursday, the European Bank for Reconstruction and Development signed an agreement on $10-million loan for Ameriabank for a joint financing of mid-size loans extended by Ameriabank to local companies.
Ameriabank will allocate another $10 million from own resources for implementation of this project.
As a whole, the European Bank for Reconstruction and Development has provided over €335 million for supporting some 70 projects in financial, corporate, infrastructural and energy sectors.
The Ameriabank CJSC (former Armimpexbank) was founded in July 1992 using the facilities of the Armenian branch of the USSR Vnesheconombank (Foreign Economy Bank). On September 8, 1992, the bank received a banking license from the Central Bank of Armenia.
In August 2007, TDA Holdings limited, affiliated with Troika Dialogue, Russia’s leading investment company, purchased the bank’s shares.- 0-
