Newsfeed

Ex-governor of Vayots Dzor, Edgar Ghazaryan - an ambassador to Poland

Sargsyan-Aliyev-Hollande meeting to take place on 27 October

Serzh Sargsyan: Germany is Armenia's vital partner and a friendly country

Edward Sharmazanov: The breakthrough in the Karabakh process depends on the position of Baku

OSCE MG Co-chairs share expectations from upcoming meeting of Azerbaijani and Armenian Presidents in Paris

Former premier of Armenia calls on the government to change methodology of GDP calculation

Parliament member: A draft law has been submitted to the parliament that has nothing in common with residents of the bordering communities

Expert: Deposits with radioactive elements in a scattered state are being developed in Armenia

Parliamentarian: On 2 Jan 2015, Armenia will find itself in quite new economic environment, something that Government is absolutely not ready for

Governor of Armenia's Vayots Dzor Region relieved of his duties upon his own request

Environmentalists to protest against shooting of wolves

Armenian MP: Armenia has crossed the red line of economic security

"Grozniy-Avia" airline to launch Simferopol-Yerevan flight

Beeline launches "Unlimited Internet Super" service

ACBA-CREDIT AGRICOLE BANK opens new branch in Yerevan

Tigran Khzmalyan: Armenia has linked its Noah's Arc to Russia's sinking Titanik that is still selling tickets

Irina Kamkhadze: We see no downward tendency of Visa growth rates in Armenian market

VTB Bank (Armenia) Visa cardholder becomes winner of Summer with VTB campaign and gets a vacation package to Malta for two persons

Delegation of IFC and EBRD visits Amulsar Gold Project site

Oppositionist: The case with ASALA veteran demonstrates state terrorism in Armenia

Armenia's Health Care Ministry organizes a training course to assess local doctors' readiness for Ebola

Naira Zohrabyan: There is no sector in Armenia where human rights are not breached

Speaker of the Armenian parliament agrees to the idea that there are numerous unsettled conceptual problems in the republic

Gabor Brodi: Armenia must not choose between European Union and its neighbors in the region

A delegation of South Caucasus Railway to attend 61st meeting of CIS Rail Transport Council in Baku

Georgian Ambassador: Armenia and Georgia are facing problems in their trade relations

ACBA-Credit Agricole Bank sums up CASHBACK QUEST results

Social Democratic (Hnchakyan) Party (SDHP) urges Armenia's leadership to inform the world community of Ankara's intention to seize Kessab

Heritage: Shant Haroutiunyan was convicted after Serzh Sargsyan's notorious speech at Columbia University in U.S.

Eduard Sharmazanov: Fairy-tales of the Turkish authorities about the Armenian genocide are simply funny

Between October 25-31 the 6th edition of ReAnimania to be held in Yerevan

Opposition MP Nikol Pashinyan urges Armenian Parliament to define concept of political prisoner

Armenian National Congress to do its best to free Shant Harutyunyan and his friends

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