Byblos Bank Armenia

By EBRD  Press Office

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$10 million financing package to Byblos Bank to support private

The EBRD is increasing the availability of financing to private businesses in Armenia, with a $10 million financing package to Byblos Bank Armenia, which will include a local currency element, a first for an EBRD financing in Armenia.

The EBRD facility, for on-lending to private enterprises, includes a synthetic loan in Armenian Dram (AMD) for an amount equivalent to up to $5 million, which will be used to finance investments and working capital needs of local businesses, and an additional $5 million to co-finance Byblos Bank Armenia’s larger sub-loans.

Under the synthetic loan structure, the EBRD is providing the financing in US dollars at a pre-determined fixed USD/AMD exchange rate. Byblos Bank Armenia’s loan obligation is therefore the AMD counter-value of the provided funds. The synthetic local currency loan will help Byblos Bank Armenia reduce its foreign exchange risk, increase the term of its local currency funding, and expand its portfolio of loans in local currency.

The EBRD funds will enable Byblos Bank Armenia to facilitate the access to much needed financing for businesses operating in the country in the current tight credit market.

“This transaction will boost the financial intermediation in the Armenian banking sector, bringing new financing in local currency to the country’s real economy. The EBRD funds will support further development of the private sector, addressing an important constraint for the economic growth in Armenia”, said Mike Taylor, EBRD Director, Financial Institutions, Central Asia, Caucasus, and Mongolia.

“Byblos Bank Armenia welcomes the EBRD’s facility in order to jointly support the private businesses in the Republic of Armenia. It demonstrates EBRD's confidence in the strength of our bank and in the economy of the country. This transaction will further allow us to pursue our expansion strategy in the market”, said Mr. Georges Sfeir, CEO of Byblos Bank Armenia.

Since the beginning of its operations in Armenia, the EBRD has committed over €335 million in approximately 70 projects in the financial, corporate, infrastructure and energy sectors.

About Byblos Bank Armenia

Byblos Bank Armenia CJSC is operated as an independent subsidiary of the Byblos Bank Group since 2007. For Byblos Bank, the Republic of Armenia represents a very significant market with high potential especially for retail and commercial activities. Byblos Bank has an active presence in 11 countries across Europe, the Middle East, and Africa: Lebanon, the United Kingdom, France, Belgium, Armenia, Cyprus, the United Arab Emirates, Syria, Iraq, Sudan, and Nigeria. For more information about Byblos Bank Armenia, visit:

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