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EBRD supports trade finance in Armenia
Agreement with Anelik Bank to support small-business sector
The European Bank for Reconstruction and Development is signing a $500,000
trade finance agreement with Anelik Bank under the EBRD’s Trade Finance
Programme to guarantee letters of credit and other trade finance instruments
issued by Anelik Bank.
George Krivicky, EBRD Director for the Caucasus countries, said that promotion
of international trade transactions is a priority for Armenia’s economic
development and underlined that the agreement with Anelik Bank will promote
the use of modern trade finance instruments to the benefit of entrepreneurs
and enterprises in Armenia.
Samvel Chzmachian, Chairman of Anelik Bank, said the programme will help
develop professional trade finance services at Anelik Bank and underlines his
bank’s strategic commitment to support its clients’ needs in international
trade transactions.
Anelik Bank, established in 1990, is a dynamically growing universal bank,
specialising in SME lending and money transfer operations. It has successfully
utilised a $1 million SME credit line provided by the EBRD in December 2002.
Anelik has also benefited from technical assistance provided by EBRD to
improve credit operations.
Established in 1999, the Trade Facilitation Programme supports trade to, from
and within the EBRD’s 27 countries of operations. Under the TFP, the Bank
guarantees payment obligations of local issuing banks to their Western
confirming counterparts in respect of trade-finance instruments. In addition
to providing trade finance guarantees, under this programme the EBRD also
extends short-term loans to selected banks in its countries of operations to
fund trade-related advances to local companies. Over 70 issuing banks in the
Bank's region of operations participate in the programme together with about
440 confirming banks throughout the world.
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