Armeconombank, IFC sign $10-million loan agreement

YEREVAN, December 30. /ARKA/. Armeconombank and International Finance Corporation signed a $10-million loan agreement in Yerevan on Thursday.

Of this amount, $5 million will be provided by the IFC and $ million by the Netherlands’ FMO.

Armen Naljyan, executive director of Armeconombank, said after signing the agreement that these financial resources would be lent to small- and mid-scale businesses for three to five years at 12%-and-higher annual interest rates.

“These loans mainly intended for trade, industry and services will make it possible to extend the bank’s client base and will spur economic growth in the country,” he said.

Stressed the importance of cooperation with international organizations, Naljyan said that that the bank would make every effort to attract new financial resources also in 2011 and to enlarge its loan portfolio.

He said that Armeconombank’s 2010 loan portfolio amounted to AMD 28.2 billion, of which 50% was lent to small and medium businesses.

Arman Barkhudaryan, adviser on investments of the ICF office in Armenia, said that this is the fourth credit program of cooperation with Armeconombank.

“The bank has a rich experience and firm positions in lending small and mid-scale businesses,” he said. “Grounding on this success, we find it necessary to enhance availability of loans to small businesses, taking into account their limited financial capacity in the post-crisis period. We will continue such programs in cooperation with our partners.”

Armeconombank was registered on August 26, 1991.

European Bank for Reconstruction and Development holds 25%+one share and 53.4% of the bank shares belong to Sukiasyans, the family that had established the bank.

The bank has 35 branches in Armenia and one branch in Nagorno-Karabakh Republic. ($1= AMD 362.84). –0–

spot_img

POPULAR

Net inflow of remittances to Armenia from abroad increased approximately 2.3-fold in the first half of the year

The net inflow of cross-border transfers to individuals in Armenia, received from abroad through the Armenian banking system, amounted to $1.38 billion in January-June 2026, compared to $587.6 million in January-June 2025, according to a report from the Central Bank of the Republic.

Armenia’s $5.9 billion reserves cover more than four months of imports: former Finance Minister calls this a hedge against external shocks

Armenia's $5.9 billion international reserves cover more than four months of imports and currently provide a fairly reliable hedge against external shocks.

Dollar and euro exchange rates against the Armenian dram rose, while the ruble weakened: Central Bank

The average market exchange rate for the US dollar against the Armenian dram, formed on the Armenian foreign exchange market, increased by 1.03 points on August 4, 2026, compared to August 3, to 367.01 drams.

World Bank does not see significant risks in Armenia’s public debt rising to 50% of GDP

Armenia's public debt could increase to approximately 50% of GDP by the end of 2026, but the World Bank does not view this level as a significant threat to the country's macroeconomic stability, said Armine Manukyan, Senior Economist at the World Bank.

Head of the Union of Banks of Armenia did not rule out consolidation of the Armenian banking market

Daniel Azatyan, Chairman of the Union of Banks of Armenia, believes the current number of commercial banks in the country is optimal, but theoretically allows for market consolidation.

LATEST NEWS

spot_imgspot_imgspot_img