YEREVAN, October 1, /ARKA/. The European Bank for Reconstruction and Development (EBRD) will provide Armenian Anelik Bank with a $6 million loan for on-lending to small and medium businesses.
The agreement to that end was signed today in Yerevan by Samvel Chzmachian, Anelik Bank board chairman and Valeriu Razlog, head of EBRD Yerevan Office. Samvel Chzmachian said the loan will be on-lent both in Armenia’s national currency, the Dram and US Dollars, repayable in five years and the maximum largest amount of a loan will be $500,000.
“I am sure that this program is a good investment in boosting Armenia’s small and medium-sized businesses. We are a bank actively crediting this sector of the economy,’ he said. He said also the interest rates will be contingent on risk level and the type of activity of companies.
Valeriu Razlog said EBRD and Anelik Bank have already implemented a set of joint projects. He described Anelik Bank as a bank with a strong position in the country’s banking sector and with one of the best staff pursuing an effective strategy.
Credits will be available from October 2 to companies which have on their payrolls less than 100 workers and whose annual turnover is below 300 million Drams and the capital is not over 250 million Drams.
Since the beginning of its operations in Armenia in 1992, the EBRD has committed over €393 million in 77 projects in the financial, corporate, infrastructure and energy sectors. Some 51% of Anelik is owned by Lebanese CreditBank S.A.L., Samvel Chzmachian owns 12.25%, Arthur Arakelian- 12.25%, Armen Kazarian -12,25% and Galina Voronina-12.25%. The bank has 10 branches.
O June 30 Anelik Bank’s total assets were worth 50.5 billion Drams, liabilities stood at 35.1 billion Drams, the total capital was 15.4 billion Drams, credit investments stood at 26.2 billion Drams and deposits at 19.45 billion Drams. In the first half of the year it earned 266.9 million Drams in net profits. ($1- 361.31 Drams). –0–
