Yerevan, June 26 /Mediamax/. “ARARATBANK” and Izmirlian Fund signed an agreement in Yerevan today on co-funding of business-credits at the whole sum of $4mln.

Mediamax reports that the Chairman of the Board of “ARARATBANK” Ashot Osipian noted that the volume of co-funding will make $2mln from each side.

The minimal sum of the credit will make $250 thousand, the maximum - $1mln, the credits will be allocated in Armenian drams and U.S. dollars, the term of credit - 5 years, interest rate - up to 14% per year. The credits will be granted to representatives of all branches, basically in the field of production, with the exception of agriculture.

Deputy Chairman of the Central Bank of Armenia Artur Dzhavadian stressed that the decision of Izmirlian Fund on realization of a joint program with “ARARATBANK” is justified – the fact that the bank assets grew for 43% from the beginning of the year is a good proof. According to Dzhavadian, due to its potential and inner reserves, “ARARATBANK” will manage to stand the growing competition, related to the expected arrival of new players on the Armenian banking market.

Vice-President of Izmirlian Fund Jacques Sarkisian stressed that the main priority of the credit programs realized in Armenia is the establishment of new workplaces.

Starting from 1999, about 4-5 thousand new workplaces were established in Armenia at the expense of the realization of Izmirlian Fund credit programs.

Jacques Sarkisian also informed that the Fund financed the construction of three buildings, the electric power station and the kitchen complex of the Defense Ministry’s Military Institute after Vazgen Sarkisian, the reconstruction and modernization of the library of Yerevan State University.