ARMECONOMBANK TO IMPLEMENT NEW CREDIT PROGRAM WITH EBRD IN JULY
YEREVAN, JUNE 3, NOYAN TAPAN. Armeconombank envisages to start
implementing a new credit program with the European Bank of
Reconstruction and Developoment (EBRD) from July. Executive Director
of the bank Ashot Osipian stated at the June 3 press conference the
bank expects about 5 mln USD to be provided by EBRD, with most of
funds to be used for crediting small and medium business. A. Osipian
noted that a 0.5 mln-dollar EBRD-funded technical assistance program
will also be implemented this year in the bank. By this program,
Armeconombank’s activities will be brought into line with international
stasndards. Structural reforms will also be conducted, as well as
a new system of risk management introduced in the bank. To recap,
EBRD has a stock of 25%+1 share in the capital of Armeconombank.