Robert Kocharyan: Constitutional reforms to have rather dangerous consequences for future of Armenia

Israeli expert: Tel Aviv always acts with due regard for its own interests

Israeli expert: Tension in Karabakh conflict zone to subside following parliamentary elections in Azerbaijan

RPA dissatisfied with OSCE Minsk Group's statements on Karabakh conflict

Levon Zurabyan urges Armenian President to put off constitutional reforms

As many as 18 protesters, including MP Aram Manukyan, detained

Parliament of Armenia passes draft amendments to Constitution of Armenia with 104 votes

Views from Moscow: Those who think Russia is interested in Karabakh conflict should "disappoint" Russia with mutual concessions and conflict settlement

Situation outside Armenian Parliament growing tense

Gianni Buquicchio says Constitutional amendments of Armenia drafted in line with Venice Commission recommendations

Edward Nalbandian: Karabakh conflict should be resolved within OSCE MG format

NKR Defense Ministry: Azerbaijan breached ceasefire for over 150 times over weekend

Kazakhstan's plenipotentiary at CSTO says Collective Peacekeeping Force exercises have demonstrated high training ratio of officers

Seyran Ohanyan: Tasks of The "Indestructible Brotherhood-2015" military exercise for the CSTO Collective Peacekeeping Forces successfully implemented

Naira Zohrabyan reminds Azerbaijan of demolition of Armenian khachkars in Old Jugha

Bordyuzha urges CSTO peacekeepers to be ready for combat tasks

Newspaper: Azerbaijani foreign minister's statement about possible accession to EEU has been misinterpreted

Charitable football match between journalists and bank employees with Youri Djorkaeff's participation raises 1 million AMD

Aram Manukyan: Remembering communist times, Serzh Sargsyan decided to become committee secretary

Settlement of conflicts in South Caucasus to become one of priorities for Germany's OSCE chairmanship

German ambassador to Armenia evades "genocide" term when speaking of events of 1915

Aghasi Yenokyan: Azerbaijan wants to seize a piece of Karabakh land with Russia's help

Aliona Stratan: VTB (Armenia) revises its “risk appetite” and reorganizes business processes

Diplomat: Germany concerned over tension escalation in Karabakh conflict zone

Questions about release of Syunik governor's son remain unanswered

Armenian armed forces prevent one more Azerbaijani sabotage attack

Forecast: Syria faces no prospect of "second Afghanistan"

Forecast: Russia's military operations in Syria pursue one thing - not to let Assad's regime fall

Armenian Prime-Minister thanks Tashir Group for purchasing country's energy assets

Artsakh war veteran provides evidences that Ruben Hayrapetyan threatened him with reprisals

Vache Gabrielyan: The first phase of survey shows that electricity tariff growth in Armenia is substantiated

Lawyer: Syunik governor's son released, with no new measure of restraint chosen

Rise Up Armenia movement intends to launch power overthrow process on Oct 27

Sarsang reservoir issue sparks heated arguments at PACE Committee for Social Affairs

ICRC representatives visit Armenian captive in Azerbaijan

Beeline launches two packages for corporate customers

Shavarsh Kocharyan: Escalation in near border zone will lead to international recognition of NKR

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



View comments (0)

Be first to comment on this article

* Indicates required fields