Rostelecom (Armenia) initiated free trainings for improving senior citizens' computer literacy

Frontier Department of Russian Federal Security Service is always ready to defend state border of Armenia

Dashnaktsutyun: Many in power circles oppose constitutional reforms because they benefit from current situation

Zhirayr Sefilyan: Most of armed group members detained by National Security Service are victims

President of Football Federation of Armenia says no one should edge into his talk with national football team

In Armenia people prefer sons to daughters, acoording to a UN survey

Republican Party says forces opposing parliamentary system of government once advocated for it

Zhirayr Sefilyan: Serzh Sargsyan will have to choose between fate of Ceausescu and Yanukovic

Armenian MP: Downing of Russian plane draws world's attention to problem of Turkey's cooperation with terrorists

Yevgeny Kaspersky: Armenia has to enlarge quantity of skilled specialists through advanced educational programs

Hovik Abrahamyan is sure that 30% of Shirak's population will vote "for" constitutional amendments

Union of Armenians of Russia supports Russian lawmakers' bill penalizing Armenian Genocide denial

Players of Armenian football team deny accusations by Ruben Hayrapetyan

New Armenia Front ready to assist law enforcers in public order and national security enforcement

Maria Zakharova: Turkey's stab in the back of Russia will not be left without response

Russian experts: Turkey will not go beyond inflammatory rhetoric in Karabakh issue

FPWC and VivaCell-MTS provide street lighting to Gomq community of Vayots Dzor region,

Sociologist: One-third of enterprises registered in SME segment of Armenia do not function

Defense Ministry: Nothing threatens Armenian peacekeeper's life in Mali

Syunik Governor says residents in his region will sure vote for Constitutional amendments

Rostelecom to hold events enhancing computer literacy in Armenia

Ameriabank signs 25 mln USD syndicated loan agreement with FMO and OeEB for financing of SME and renewable energy

Ucom subscribers can pay for services at VTB Bank (Armenia) round the clock

Baku criticizes Russia24 channel

Prosecutor General's Office institutes a criminal case based on files submitted by Levon Zurabyan

Beeline Armenia CEO presented "Success Path" lecture for Leaders' Club members

National Philharmonic Orchestra has marked closing of concert season 2015, emphasizing role of VivaCell-MTS in implementation of initiatives of orchestra

Court upholds motion of Armenia's National Security Service to arrest Arthur Vardanyan

All countries of CIS Inter-Parliamentary Assembly, except Azerbaijan, condemn downing of Russian plane by Turkey

National Security Service of Armenia: Detained citizens start giving evidence

Naryshkin to Ankara: Crimes of the past should be condemned properly

Raffi Hovannisian's political passivity reason is two weddings and several funerals

Expert: Promises of paradise in Armenia "roam" from one constitutional referendum to another

Yerevan: Selective approach to principles and elements in Karabakh peace process will make settlement impossible

Illegitimate regime that seized power in Armenia must leave: Raffi Hovannisian

New Armenia Front: Zhirayr Sefilyan's wife attacked

Zhirayr Sefilyan: KGB-style government in the country remained in the past

INECOBANK launches "InecoQuest" adventure contest under "Open the cashbox full of millions" motto

Geoteam CJSC invested 240 thousand USD in its social projects in 2015

VivaCell-MTS: From now on "Personal", "City Talks" and "Special" tariff plans are also available to non-residents living in Armenia

German Ambassador: Terror attacks in Paris were aimed not only against France but all Europe and pan- European values

Armenian National Congress: Information that one of criminal group's detainees is connected with opponents of Constitutional reforms is dirty propaganda

Call Center of VTB Bank (Armenia) daily serves an average of 3000 incoming and outgoing calls

Beeline "Call Me +" service subscribers can send messages abroad requesting to call back

Levon Zurabyan to provide Prosecutor General with video showing attempts to bribe "No!" Front proxies

Minister says situation around Football Federation of Armenia will come to light soon

SCR achieves profitability due to rigid balance between revenues and expenses and launch of resource- saving projects

Deputy Minister of Foreign Affairs of Armenia welcomes possible criminalizing of Armenian Genocide denial by Russia

Deputy Foreign Minister: Use of Russian military base in Armenia should be agreed with Armenia

Hovhannes Sahakyan to Levon Ter-Petrosyan: Profound Constitutional reforms will help Armenia to counter external challenges

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