Central Bank Gave Preliminary Consent To Grant A License To "ProCred

CENTRAL BANK GAVE PRELIMINARY CONSENT TO GRANT A LICENSE TO "PROCREDIT ARMENIA" BANK

Mediamax News Agency, Armenia
July 4 2007

Yerevan, July 4 /Mediamax/. The Board of the Central Bank of Armenia
gave preliminary consent to grant a license for banking activities to
"ProCredit Armenia" bank.

As Mediamax was told in CB press service, the given decision was
made after the consideration of the application, submitted by three
founders of "ProCredit Armenia": ProCredit Holding AG, The German KfW
Bank and the European Bank for Reconstruction and Development (EBRD).

Mediamax recalls that in April of 2007, the EBRD announced that it
would become the 20% shareholder of the "ProCredit Armenia" bank,
which would start functioning in Armenia in September of 2007.

The participation of EBRD in the capital of ProCredit Armenia Bank
will make 1.2bln AMD, or $3.2mln.

The EBRD statement read that the ProCredit Armenia Bank will be
specializing in financing of micro and small enterprises outside the
Armenian capital, and the European Bank will allocate a credit at
the sum of $7mln with maturity of up to five years financing micro
and small enterprises.

Mediamax notes that the ProCredit Group consists of 19 banks,
functioning in Eastern Europe, Africa and Latin America, whose
operations are overseen and guided by ProCredit Holding AG, located
in Frankfurt.

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