Yerevan, December 7 /Mediamax/. Central Bank of Armenia made a decision today to grant a license for banking activities to “ProCreditBank” CJSC, Mediamax was told in the CB press service.

Mediamax recalls that in April of 2007, the European Bank of Reconstruction and Development (EBRD) announced that it would become the 20% shareholder of ProCredit Armenia Bank. The participation of the European Bank in the capital of ProCredit Armenia will make 1.2bln drams.

The EBRD statement read that the ProCredit Armenia Bank would be specializing in financing of micro and small enterprises outside the Armenian capital, and the European Bank would 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.