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Aim of OSCE MG Co-Chairs is to lay groundwork for negotiations that can lead to a comprehensive settlement, Warlick

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Vladimir Yevseyev: Updated Madrid Principles will not be implemented until the armed conflict is frozen

Mass Media: Bodyguards of Transport Minister detained under case over beating of businessman's son Sergey Abovyan

Stepanakert: The territories the Armenian side lost in April were mostly part of the buffer zone around Nagorno Karabakh

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PACE Co-rapporteurs: Those responsible for atrocities in Karabakh conflict zone should be held fully accountable

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Штормовой ветер срывал крыши домов и не на шутку напугал жителей Еревана

Armenian President attends ceremony of unveiling of Memorial to Marshal Hamazasp Babajanian

Bostanjyan calls for reducing all expenses having no crucial significance to state

OSCE PA Special Representative for South Caucasus arrives in Armenia

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Armenian Defense Ministry responds to media reports about dismissal of commander of Mataghis regiment

Greek Defense Minister: Nagorno Karabakh conflict should be settled exclusively through peaceful means

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Baku trying to shift responsibility for April flare up in Karabakh onto Armenian side

Azerbaijani armed forces fire at Azerbaijani-Armenian border

Vice Speaker of Armenian Parliament: Due to parity in international statements on Karabakh problem, the peace process has been going round in a circle for nearly 20 years

Criminal case over embezzlement at ENA CJSC sent to court with a crime sheet

On May 21 as many as 112 museums of Armenia to open their doors to visitors from 6 pm till midnight

Average life expectancy for Armenia is 74.8 years, according to World Health Statistics: Monitoring Health for the SDGs

Regional

EBRD to lend USD 10 million to ArmSwissBank for on-lending to SMEs and energy efficient projects

  • by Gayane Isahakyan

  • Tuesday, July 8, 02:41

The European Bank for Reconstruction and Development (EBRD) will lend USD 10 million to ArmSwissBank for on-lending to small and medium enterprises and energy efficient projects, Gevorg Machanyan, CEO and Chairman of Directorate of ArmSwissBank CJSC, told journalists on July 7. 

 

Machanyan said that part of the loan (USD 5 million) will be spent on SME finance. The remaining USD 5 million will be spent on financing the enterprises investing in energy efficiency projects, including introduction of energy-efficiency technologies and equipment. "These enterprises will enjoy a grant element. We will make the details public in the near future", he said. Machanyan pointed out that the new agreement is to be signed in September 2014.    

 

Throughout the period of its activity, the Bank has financed a total of 38 small-scale hydropower plants both at the expense of the German KfW Development Bank and at its own expense.   

 

ArmSwissBank has been cooperating with the EBRD under the Trade Facilitation Programme (TFP) since 2010. At the moment, the EBRD and ArmSwissBank are cooperating under trade facilitation and SME finance programmes. ArmSwissBank will shortly become a participant in the energy efficiency development programme as well. 

 

To note, ArmSwissBank CJSC was founded on 7 October 2004. The founder and CEO of "Franck Muller Watchland" Company, Vardan Sirmakes is the owner of 11670 (80 %) ordinary shares of "ARMSWISSBANK" CJSC. 2918 (20%) ordinary shares of the Bank belong to "Belegingsmachepij Jongo" LLC.

 

The Bank specializes in corporate banking, investment banking and private banking. As of 1 July 2014, the assets of ArmSwissBank amounted to 72.3 bln AMD (24% year-over-year growth). The Bank's authorized capital increased by 44% to 10.1 bln AMD, and the total capital rose by 56% to 21 bln AMD. Over the same period, the Bank's loan book grew by 11% to 30.1 bln AMD, and portfolio of securities increased by 70% to 32.3 bln AMD. In the first half of 2014, the Bank's profit totaled 1.2 bln AMD (67% year-over-year growth). The Bank's ROA made up 3.38% versus 3.18% in the first half of 2013, and ROE made up 13.61% versus 13.84% in the first half of 2013. 

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