IFC ALLOCATES $5 MILLION CREDIT LINE TO ARDSHININVESTBANK AS PART OF GLOBAL TRADE FINANCE PROGRAMME
Arminfo
2009-06-10 18:36:00
ArmInfo. The International Financial Corporation (IFC) is going to
allocate a $5 million credit line to Ardshininvestbank as part of
the Global Trade Finance Programme (GTFP). A relevant contract was
officially signed at Ardshininvestbank Head Office on Wednesday by
Sergey Virabyan, the Vice Chairman of Ardshininvestbank Board and
Snezhana Stoilkovich, the Director of the Central and Eastern Europe
Department of the International Finance Corporation (IFC).
S.Virabyan said that in the background of the global financial and
economic crisis the IFC credit line will provide an opportunity
to Ardshininvestbank and local businessmen to carry out export
and import operations through more flexible and accessible credit
instruments (letters of credit, guarantees, bills of exchange, banks
acceptance). This will reduce trade risks of the Armenian businessmen
engaged in the international trade. ‘The credit line is not only
assistance to Ardshininvestbank, but also investment in the economy
of Armenia’, Sergey Virabyan said.
For his part, Vice Chairman of the Armenian Central Bank Vache
Gabrielyan highlighted the importance of cooperation with international
structures and said that the external financing can be used to expand
the activity of Ardshininvestbank and develop economy of Armenia in
conditions of the global crisis. He is sure the trade finance for
local companies will play an important role in formation of favorable
business environment. As regards deepening of cooperation with the IFC
and the plans to open a new credit line, S. Virabyan said negotiations
are currently underway with the IFC for another SME support credit
of $10 million. He said the bank will on-lend the credit provided as
part of IFC credit programs to its clients on maximum acceptable terms.
Ardshininvestbank is among the top five leader-banks by credits as
of April 1 2009 (almost 75 billion dram of 62% of total assets). The
share of the bank’s credits to economy in the credit portfolio is
nearly 60%. By this indicator the bank has occurred among top three of
leaders. The bank is the leader by credits to the industrial sector –
18.1 billion drams or almost 25% of the credit portfolio.
The IFC is one of the majority shareholders of Ardshininvestbank with
a 10pct stake.