YEREVAN, April 11. \/ ARKA \/. Areximbank -Gazprombank Group said today it is planning to step up lending to small and medium businesses this year to $10 million. Vigen Barseghyan, a deputy general director of the bank, was quoted in a press release as saying that in the first quarter of this year the bank already channeled $2 million as SME lending and will raise the figure to $10 million by yearned.<\/p>\n
According to Barseghyan, the bank considers development of small and medium-sized businesses as a promising direction as the crisis recedes and economic recovery trend increases.<\/p>\n
In 2010 Areximbank – Gazprombank Group was one of the top three banks in terms of lending to small and medium companies under a Central Bank refinancing program. The bank\u2019s development strategy calls for increasing lending to SME to $30 million by 2013.<\/p>\n
Barseghyan said that lending will be made both from the bank\u2019s own resources and from funds attracted from international financial organizations.<\/p>\n
“We have already reached an agreement with the World Bank to initiate the procedure for involving Areximbank – Gazprombank Group in a joint WB- government program for financing SME at preferential terms,” he said, noting that a World Bank delegation is due in Yerevan in few days.<\/p>\n
According to Barseghyan, the bank provides loans at 12-14% per annum in drams and U.S. dollars repayable in up to 7 years depending on the loan type. According to the press release, the loan portfolio of Areximbank- Gazprombank Group in 2010 grew by 140% from 2009 and the proportion of bad debts dropped from 1,95% to 1,13 %.<\/p>\n
Areximbank – Gazprombank Group was founded in 1998 and is fully owned by Russian Gazprombank. -0-<\/p>\n","protected":false},"excerpt":{"rendered":"
Areximbank-Gazprombank Group plans to increase lending to SME to $10 million.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[9214,9216],"tags":[12640,15837,12431,792],"class_list":{"0":"post-21802","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-banks-en-en","7":"category-news","8":"tag-areximbank-gazprombank-group","9":"tag-armenia-2","10":"tag-plans","11":"tag-792"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/21802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=21802"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/21802\/revisions"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=21802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=21802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=21802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}