Yerevan /Mediamax/. ARARATBANK and European Bank for Reconstruction and Development (EBRD) signed a co-financing program in the amount of $4mln today.

Mediamax reports that the Chairman of ARARATBANK Board of Directors Ashot Osipyan noted at a news conference today that this is the first step along the path of syndicated crediting in Armenia.

According to him, ARARATBANK and EBRD intend to jointly lend to big business with the repayment terms of 7 years and the loan minimum sum of $400 thousand. He also informed that the crediting rates will depend on the risks of the subject and will range within 11-14%.

Ashot Osipyan noted that within the framework of the given program, financing will be realized equally from the part of the Armenian bank and EBRD, in connection with which the risks will also be shared.

Chairman of the bank Board of Directors named flour-grinding production, construction, light and foodstuff industry among the priority braches for crediting. He noted that there are also limitations in the given program, in particular, the producers of alcohol and weapons will not be issued loans.

According to Shot Osipyan, the bank does not intend to get limited to $4mln, this is only the first step and the program of far larger scale, however everything will depend on the need of big business in Armenia in financial means.

As the Head of EBRD Yerevan Office Valeri Razlog stated, the program is not only of financial nature, but it also provides ARARATBANK with technical assistance. “We are ready to help the bank assess the risks for the long term and efficiently use the given means”, Valeri Razlog stated.