YEREVAN, July 2, /ARKA/. Armenian Ardshininvestbank said it is offering a new type of business credits to private resident entrepreneurs. A press release by the bank said the credits will be available only in foreign currency. It said credits in Euro will be issued at 20% interest rate and in USD at 22% interest rate.
The new credits are repayable in three years and must be secured by collateral that must cost 50% higher than the amount of requested loan. The minimum amount of a credit to a borrower is an equivalent of 1 million Drams and the maximum is an equivalent of 15 million Drams.
The majority stake of 86.62% in Ardshininvestbank is owned by Business Investments Center and 10% by International Financial Corporation (IFC). The bank is an affiliated member of international MasterCard/Europay payment system and has a share in Armenian Card. The bank has 49 branches in Armenia, six in Nagorno-Karabakh and an office in Paris, France. ($1 – 367. 67 Drams).-0-