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New EBRD financing to support real economy in Armenia

US$ 6 million to Anelik Bank to help private businesses

Author(s):Ina Coretchi
Date:05 October 2010

US$ 6 million to Anelik Bank to help private businesses

The EBRD is extending US$ 6 million to Anelik Bank in Armenia, for on-lending to small and medium size enterprises and to further support the development of the country’s private sector.

Anelik Bank ranks the 7th in the banking system of Armenia by total capital. The bank provides a wide range of banking services in Armenia with a special focus on lending to small and medium enterprises.

The loan will assist Anelik Bank in implementing its strategy to reach out to small and medium-sized enterprises (SME) through a diversified product range offered to this sector. The maximum sub-loan size is US$ 500,000. The loan will include local currency option thus helping Anelik bank and its clients to mitigate the foreign currency risks.

In addition, Anelik Bank will benefit from technical assistance financed by Early Transition Countries Multi-donor Fund aimed at transfer of best practices in SME lending as well as development of new products and advanced technologies.

“We are pleased to support further our long-standing partner as well as the country’s real economy. The project will enable Anelik Bank to continue address the needs of the local enterprises in the current challenging environment”, said Valeriu Razlog, Head of EBRD Yerevan Office.

“This and other similar projects implemented by Anelik Bank CJSC with the support of international financial organizations during the last 15 years, once more highlight the trustworthiness  of the Armenian Banking system. We are sure that in future we will continue our collaboration with the EBRD and other international organizations, promoting the development of SME sector in Armenia” said Samvel Chzmachian, Chairman of the Board of Anelik Bank.

Since the beginning of its operations in Armenia, the EBRD has committed over €414 million in 87 projects in the financial, corporate, infrastructure and energy sectors.

Last updated 1 October 2010

Ina Coretchi
London - Tel: +44 20 7338 7874

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