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.