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British analyst: Oil will run out, Karabakh conflict will remain

Galust Sahakyan: Armenian Genocide International recognition process has entered a new phase

ANC calls on Armenian Parliament to take step for Founding Parliament Movement members to be set free

British expert: Baku has restricted the wide spectrum of cooperation of Armenian and Azeri NGOs to state- run process

Edward Nalbandian: International community speaking language incomprehensible to Turkey

Views from London: Ankara may recognize Armenian Genocide only if Turkish public demands it

Maria Gulegina visits Yerevan Brandy Company

Human rights organization thanks Nagorny Karabakh authorities for humane treatment of Azerbaijani saboteur

Six American States Adopting a Joint Resolution on Armenian Genocide Centennial

Political Analyst: Process of International Recognition of Armenian Genocide to be Expanded

Cem Terzi: Turkish Society Ripening for the Recognition of Armenian Genocide

Expert: April 24 Showing Scientific and Political Consensus on the Indisputability of the Armenian Genocide

U.S. State Department Representative Does not Know If the U.S. Fear Turkey

Mayor of New York commemorates centennial of Armenian Genocide - "one the worst atrocities of the 20th century"

European Movement adopts a resolution on Armenian Genocide

Ankara: Turkish nation will not forget and forgive Joachim Gauck's statements

Hollande and Aliyev discuss Karabakh conflict

Official Ankara criticizes Obama's stand on events of 1915

The Kremlin: Putin's participation in memorial events in Yerevan cannot be negatively interpreted by Ankara

Eiffel Tower and Coliseum went dark in memory of Armenian Genocide victims

Ankara strongly criticizes Francois Hollande's visit to Yerevan

Central Council of Jews in Germany advocates calling events of 1915 genocide

Ankara's Second Response to Putin's Statement on the Recognition of the Armenian Genocide

Vladimir Putin: Armenia and Russia Have Always Been, Are and Will Be Close Allies

Knesset Member Criticizing Israeli Government for Denying Armenian Genocide

Georgian Armenians Demonstrating in Front of Turkish Embassy in Tbilisi

Canadian Prime Minister Calling upon Yerevan and Ankara to Resume Negotiations on Normalization of Relations

Serzh Sargsyan: Ankara made vein attempt to resist or affect larger process related to recognition of genocide

First Commemorative Demonstration on the Armenian Genocide to Take Place in Rome since 1975

Erdogan: Turkey shares Armenians' pain

President of Armenia: I refuse to believe that transitory interests can shatter humanity's dreams of freedom and peace cherished for centuries

Serzh Sargsyan: "Turkey's proposal of establishing the so-called commission of historians has only one goal, which is to delay the process of the Armenian Genocide recognition"

Turkey's Labor Party (EMEK) and some local human rights organizations condemn Genocide of Armenians

Russian expert: Putin's participation in Armenian Genocide Centennial events not to edit Moscow's geopolitical maneuvering

Vladimir Putin: 1.5 mln Armenians were killed, 600 thsd were deported, unique historical monuments and invaluable books and manuscripts were destroyed in 1915

Serzh Sargsyan: "We are ready to embark upon a constructive dialogue with Turkey in case it faces its own history"

Francois Hollande: World community must remember Genocide to prevent it in future

Serbia President: "We have no moral right to forget the Armenian Genocide victims and the shocking facts of the past"

ANCA: Sad spectacle of President Obama playing word games with genocide falls beneath dignity of American people

Foreign Minister of Armenia: German President's statement important contribution to prevention of new genocides

Serzh Sargsyan: Armenia has never declared any territorial claims either to Turkey, or to any other country

Armenian president's interview with Hurriyet: "Turkish authorities taking burden of responsibility for crime perpetrated by authorities of Ottoman Empire"

Presidents of Russia, France, Serbia, and Cyprus arrive at Armenian Genocide Memorial in Yerevan

Google.am honors memory of Armenian Genocide victims

High-ranking representatives of various countries 'forming' a forget-me-not of peace near Armenian Genocide Memorial in Yerevan

Serj Tankian calls on Armenia's leadership to create egalitarian civic society, to get rid of institutional injustices and stop depopulation of Armenia

Obama breaks his word again

Founding Parliament Movement looks to change power in Armenia

Vladimir Putin arrives in Yerevan to commemorate Armenian Genocide martyrs

Bulgarian MP: Bulgaria has refused to discuss the draft resolution on Armenian Genocide under Ankara's pressure

ARARATBANK attracts $10 million from OFID for SME crediting

  • by Gayane Isahakyan

  • Thursday, July 17, 13:39

 ARARATBANK and The OPEC Fund for International Development (OFID) have signed a credit agreement at $10 million, press-service of the bank reported. The agreement was signed by OFID Director General Suleiman Jazir Al-Herbish and chairman of the ARARATBANK board, Ashot Osipyan. 

The bank will direct the given funds at  SME financing in the sphere of industry, trade, services and agriculture. The maximal size of credit will amount to $500 thsd. Credits will be delivered for 4 years and 10-11% of interest rate. 

Signing of the agreement in fact means the first cooperation programme of ARARATBANK with OFID. Director General of OFID said that ARARATBANK is a big player at the Armenian SME crediting market. Thanks to availability of a wide net of offices, the bank will provide availability of credit resources for the regional SME. 

For his part, Osipyan highly appreciated assistance for the SME development in Armenia, and assured that the cooperation of the parties will be not only fruitful but also long-lasting. 

Within the frames of the programmes in crediting private sector and trade financing, OFID gave $42 million to 4 Armenian banks and 4 social programmes targeted at SME crediting. 

The OPEC Fund for International Development (OFID) is a multilateral development finance institution established in 1976 by the Member States of the Organization of the Petroleum Exporting Countries (OPEC). OFID was conceived at the Conference of the Sovereigns and Heads of State of OPEC Member Countries, which was held in Algiers, Algeria, in March 1975. A Solemn Declaration of the Conference "reaffirmed the natural solidarity which unites OPEC countries with other developing countries in their struggle to overcome underdevelopment," and called for measures to strengthen cooperation between these countries. 

OFID's objective is to reinforce financial cooperation between OPEC Member Countries and other developing countries, by providing financial support to the latter for their socioeconomic development. The institution's central mission is to foster South-South Partnership with fellow developing countries worldwide with the aim of eradicating poverty.

According to the data of Financial Rating of Armenian Banks prepared by Arminfo, by the crediting volume ARARATBANK is in the leading ten. As of 1 April 2014,  credit portfolio of the bank amounted to $157.5 million, the SME crediting share - 47%. The assets of the bank amounted to $318.9 million - by 14,1% more versus 1 April 2013. The total capital of ARARATBANK at the end of March amounted to $49.8 million (growth by 18,1%). According to the results of the 1Q 2014, net profit of the bank amounted to $2.7 million. 

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