Yerevan, April 16 /Mediamax/. The European Bank for Reconstruction and Development (EBRD) will become the 20% share-holder of ProCredit Armenia Bank, which will start functioning in Armenia in September of 2007.

Mediamax reports referring the statement of the EBRD that the participation of the European Bank in the capital of ProCredit Armenia Bank will make 1.2bln AMD, or $3.2mln.

The EBRD statement reads 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.