Newsfeed

Son of Armenia's second president intends to purchase BEST WESTERN Congress Hotel in Yerevan

Ambassador: Any contacts between GESPI and Government of Azerbaijan were not mediated by Brazilian Ministry of Defense

In response to the questions addressed to Geoteam

Kingpin "Yerrordmastsi Lyovik's" Wounded Friend in a Grave Condition S

Political Expert: Karabakh Conflict Zone Situation to Escalate

Mikayel Melkumyan: PAP Has no Need of Patrons

Moldavian parliamentarian: Armenia would lose not only Nagorny Karabakh, but for Kremlin's support

Head of Francophone Mission: Ankara's "Gallipoli Plan" Cannot Cast into the Shade April 24 Events

Views from Chisinau: Ukrainian crisis has questioned Moldova's neutrality

Special offer on Beeline Smart phone sales launch day

View from Kishinev: Moldova's Association with EU Not Settling Problems with Russia

Sources: Major General Vladimir Ustinov heads 102nd Russian military base in Armenia

Beeline Supports Young Performers of Classical Music

Ameriabank and SAS Group announce the launch of a co-branding card

On April 29 a Temporary Exhibition on the Armenian Genocide to be Launched in Paris

Leonid Slutsky: "I raised Armenian Cause even during my meetings with Ilham Aliyev"

Russian MP: Armenia is an important partner in Eurasian economic cooperation

Russian parliamentarian: Russian president holds control over Permyakov case

Russian parliamentarian: There is no need to apply regulations on restricted access to border areas to EEU citizens any more

Armenian MPs concerned about sale of Russian military hardware to Azerbaijan

Armenian and Russian parliamentarians adopt joint statement calling on world community to recognize Genocide of Armenians

Russian parliamentarian: "We welcome Gagik Tsarukyan's decision to leave political field"

Putin and Sargsyan to discuss Karabakh issue in Yerevan on April 24

NKR Defense Army: Armenian soldier killed on line contact

Founding Parliament movement holds a Yerevan-Gyumri car rally

UN Council on Human Rights Adopting Armenia's Resolution on Genocide Prevention

Turkish Deputy: Karabakh Conflict to be Settled within Azerbaijan's Territorial Integrity

Turkey Hoping the European Commission Will Not Recognize the Armenian Genocide

Seyran Ohanyan: Baku Responsible for the Possible Escalation of the Karabakh Conflict

Kiev Events Dedicated to the Armenian Genocide Centennial

Sevak Sarukhanyan: Concerns about possible emergence of ISIS in Azerbaijan focus Tehran's attention on Baku

Villagers address a letter to Armenian Prime Minister over a tailing dump of Akhtala Mining Plant

Armen Rustamyan: ARFD's coalition with authorities depends on whether its 7 proposals will be fulfilled

Heritage Party about negotiations with president: "Terrorists hijacking planes are bad guys, but we have to negotiate with them to save hostages"

Parliamentary forces do not support Founding Parliament movement's steps

Head of Chinari rural community: Tension on the border should not cause panic

"Never Again" - Films telling about Genocide of Armenians screened at Sofia Film Festival

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. 

Send to a friend

To (e-mail)


Your name


Message


Comments

View comments (0)
  • READ ALL COMMENTS
  • POST A COMMENT

Be first to comment on this article

* Indicates required fields