{"id":77207,"date":"2014-06-27T12:55:30","date_gmt":"2014-06-27T12:55:30","guid":{"rendered":"https:\/\/armbanks.am\/2014\/06\/27\/241052\/"},"modified":"2024-12-15T13:12:11","modified_gmt":"2024-12-15T13:12:11","slug":"armenian-central-bank-chairman-to-attend-annual-session-of-bank-for-international-settlements-in-bazel","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2014\/06\/27\/77207\/","title":{"rendered":"ACBA-CREDIT AGRICOLE BANK attracts $10 million lending from citi and overseas private investment corporation"},"content":{"rendered":"<p><strong>YEREVAN, June 27. \/ ARKA \/.<\/strong> Citi and the Overseas Private Investment Corporation (\u201cOPIC\u201d) have announced a $10 million lending facility, using their existing framework partnership, to support the growth of ACBA-CREDIT AGRICOLE BANK\u2019s agribusiness microfinance portfolio in the Republic of Armenia.<\/p>\n<p>According to a press release, the arrangement includes a new $5 million lending facility and the extension of a separate $5 million lending facility first announced in 2012. The financing partnership will promote the financial inclusion of Armenia\u2019s micro-entrepreneurs, small businesses, and agriculture sector, and is part of Citi and OPIC\u2019s collaboration to support microfinance lending in emerging markets around the world.<\/p>\n<p>\u201cExpanding access is at the heart of Citi\u2019s inclusive finance work, and we are pleased to continue our impactful partnership with OPIC to broaden financial inclusion, promote economic empowerment and fuel sustainable growth for Armenia\u2019s agribusiness sector,\u201d said Bob Annibale, Global Director of Citi Community Development and Microfinance.<\/p>\n<p>\u201cAccess to safe and affordable capital is essential in helping small businesses and agri-producers establish themselves and create sustainable livelihoods.\u201d \u201cIn recent years, OPIC\u2019s partnership with Citi has enabled OPIC to advance its work supporting development around the world by helping expand Citi\u2019s private lending in emerging markets,\u201d said Elizabeth Littlefield, OPIC\u2019s President and CEO.<\/p>\n<p>\u201cThis new lending facility to spur growth in the Armenian agribusiness sector is another important product of this partnership that mobilizes private capital for public good.\u201d<\/p>\n<p>\u201cWe highly appreciate our growing cooperation with Citi and OPIC in the field of microfinance and especially rural finance in our country,\u201d said Hakob Andreasyan, CEO of ACBA-CREDIT AGRICOLE BANK.<\/p>\n<p>\u201cThis cooperation enhances our lending capabilities to primary agribusiness clients which is vital for development of rural areas of Armenia. Small agricultural farms are very sensitive to economic and climate risks and we are proud to continuously increase their access to financing\u201d.<\/p>\n<p>Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.<\/p>\n<p>OPIC is the U.S. Government\u2019s development finance institution. It mobilizes private capital to help solve critical development challenges. OPIC achieves its mission by providing investors with financing, guaranties, political risk insurance, and support for private equity investment funds.<\/p>\n<p>ACBA was established in 1996, within TACIS program of the European Union. Long-term and mutually beneficial cooperation between ACBA Bank and the European leading French banking group Credit Agricole led Credit Agricole bank group to become the biggest shareholder of ACBA on September 15, 2006, by making a significant financial investment into the bank capital. ACBA was restructured, becoming a closed joint stock company and it was renamed ACBA CREDIT AGRICOLE BANK.<\/p>\n<p>The bank\u2019s assets on April 1, 2014 amounted to 264.6 billion drams ($640.2 million), credit investments stood at 178 billion drams ($430.6 million), equity capital \u2013 at 53 billion drams ($128.2 million), the amount of deposits stood at 109.6 billion drams ($265.1 million). The bank runs now 49 branches across the country. The bank runs 49 branches across Armenia. ($1 \u2013 408.12 drams). -0-<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Citi and the Overseas Private Investment Corporation (\u201cOPIC\u201d) have announced a $10 million lending facility, using their existing framework partnership, to support the growth of ACBA-CREDIT AGRICOLE BANK\u2019s agribusiness microfinance portfolio in the Republic of Armenia<\/p>\n","protected":false},"author":1,"featured_media":158084,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[9214,9216],"tags":[15909,15837,15774],"class_list":{"0":"post-77207","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banks-en-en","8":"category-news","9":"tag-acba-credit-agricole-bank-2","10":"tag-armenia-2","11":"tag-opic-3"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/77207","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=77207"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/77207\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media\/158084"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=77207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=77207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=77207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}