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ACBA-CREDIT AGRICOLE BANK GOT A SYNDICATED CREDIT FROM EBRD AND CITIGROUP
Mediamax Agency, Armenia
Aug 3 2007
Yerevan, August 3 /Mediamax/. ACBA-CREDIT AGRICOLE BANK became the
first commercial bank in Armenia that got a syndicated credit from the
European Bank of Reconstruction and Development (EBRD) and Citigroup
to the overall amount of $12 mln.
The corresponding agreement was signed by ACBA-CREDIT AGRICOLE BANK
Director General Stepan Gishian and the Head of the EBRD Yerevan
office, Michael Weinstein, in Yerevan today, Mediamax reports.
According to Stepan Gishian, the EBRD and Citigroup allocated $6 mln
each. The financial resources will be aimed at the crediting of small
and medium business, also in Armenia's remote districts. The maximum
credit sum will make $300 thousand.
ACBA-CREDIT AGRICOLE BANK Director General emphasized the importance
of the fact that one of the largest world banking groups showed
"market interest in Armenia". According to him, the EBRD played a
big role in this coming as a "connecting link".
Michael Weinstein said that the cornerstone of the EBRD strategy in
Armenia is the support of the banking sector, as well as that of small
and medium business, and the signed agreement is a "symbolic event"
both for the whole Armenian banking sector and the contracting parties.
Mediamax Agency, Armenia
Aug 3 2007
Yerevan, August 3 /Mediamax/. ACBA-CREDIT AGRICOLE BANK became the
first commercial bank in Armenia that got a syndicated credit from the
European Bank of Reconstruction and Development (EBRD) and Citigroup
to the overall amount of $12 mln.
The corresponding agreement was signed by ACBA-CREDIT AGRICOLE BANK
Director General Stepan Gishian and the Head of the EBRD Yerevan
office, Michael Weinstein, in Yerevan today, Mediamax reports.
According to Stepan Gishian, the EBRD and Citigroup allocated $6 mln
each. The financial resources will be aimed at the crediting of small
and medium business, also in Armenia's remote districts. The maximum
credit sum will make $300 thousand.
ACBA-CREDIT AGRICOLE BANK Director General emphasized the importance
of the fact that one of the largest world banking groups showed
"market interest in Armenia". According to him, the EBRD played a
big role in this coming as a "connecting link".
Michael Weinstein said that the cornerstone of the EBRD strategy in
Armenia is the support of the banking sector, as well as that of small
and medium business, and the signed agreement is a "symbolic event"
both for the whole Armenian banking sector and the contracting parties.