Yerevan /Mediamax/. European Bank for Reconstruction and Development (EBRD) will provide “ACBA-Credit Agricole Bank”## a syndicated loan at the volume of $50mln for small and medium enterprise crediting.

Mediamax reports that an agreement was signed in Yerevan today on providing “ACBA-Credit Agricole Bank” the first tranche of the loan at the sum of $18mln. The agreement was signed by the Chief Executive Officer of “ACBA-Credit Agricole Bank” Stepan Gishyan and the Head of Yerevan Office of EBRD Michael Weinstein.

Head of EBRD Yerevan Office informed that a number of European commercial banks participate in the syndicate, noting that their names and other details of the loan line will be publicized in the nearest future.

According to Stepan Gishyan, signing of the given agreement is the logical continuation of the long-term cooperation between EBRD and “ACBA-Credit Agricole Bank”, within the framework of which the European Bank has already allocated approximately $50mln for the Armenian bank.

Stepan Gishyan informed that the syndicated loan is provided for the term of 4 years, adding that the remaining part of the loan will be received by the bank by the end of the first quarter of 2009.

Chairman of the Central Bank of Armenia Artur Javadyan, who was present at the signing of the agreement, stated that EBRD activity in the financial sector of Armenia evidences the confidence towards the banking system of the country, noting that many foreign banks and other investors in conditions of the global crisis seek a “quiet harbor”, like the financial system of Armenia.