Yerevan, August 3 /Mediamax/. ACBA-CREDIT AGRICOLE BANK became the first commercial bank in Armenia that got a syndicated credit from the European Bank of Reconstruction and Development (EBRD) and Citigroup to the overall amount of $12 mln.

The corresponding agreement was signed by ACBA-CREDIT AGRICOLE BANK Director General Stepan Gishian and the Head of the EBRD Yerevan office, Michael Weinstein, in Yerevan today, Mediamax reports.

According to Stepan Gishian, the EBRD and Citigroup allocated $6 mln each. The financial resources will be aimed at the crediting of small and medium business, also in Armenia’s remote districts. The maximum credit sum will make $300 thousand.

ACBA-CREDIT AGRICOLE BANK Director General emphasized the importance of the fact that one of the largest world banking groups showed “market interest in Armenia”. According to him, the EBRD played a big role in this coming as a “connecting link”.

Michael Weinstein said that the cornerstone of the EBRD strategy in Armenia is the support of the banking sector, as well as that of small and medium business, and the signed agreement is a “symbolic event” both for the whole Armenian banking sector and the contracting parties.