Yerevan/Mediamax/. “Ameriabank” announced today successful completion of introduction and implementation of an Environmental and Social Management System (ESMS), according to which credit applications from the bank’s corporate borrowers will from now on undergo expertise on environmental and social risks.

Mediamax reports that this system was implemented by the bank, given support of the Netherlands Development Finance Company (FMO), and DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH

In connection with the fact that “Ameriabank” is one of the first banks in the region to implement this system, FMO General Director on Investments Jurgen Rigterink awarded “Ameriabank” CEO Artak Hanesyan with an FMO and DEG certificate of appreciation.

Besides, FMO and DEG made a decision on reduction in the interest rate of the long-term facility of USD 30mln loan, provided to “Ameriabank” by the mentioned structures in 2009. The loan was provided to the bank for small and medium enterprise financing and for renewable energy financing. 
 
 “By implementing the Environmental and Social Management System, “Ameriabank” commits itself to being guided by international environmental and social legal norms in its activity”, Artak Hanesyan, Director General of Ameriabank said, noting that the system was put into operation in the bank for all operations on corporate crediting already in July, 2010.

Jurgen Rigterink stated in his turn that this is the first time in CIS a margin reduction as incentive scheme has been implemented by FMO, together with partner institution DEG. ““Ameriabank” is the best financial structure I have ever had the chance to work with”, Jurgen Rigterink stated, noting implementation of the Environmental and Social Management System in such a short period of time after receiving financing from FMO and DEG is a true “example transaction”.

Average annual interest rate for business credits, issued by “Ameriabank” from FMO and DEG means, makes 12.5%. Artak Hanesyan did not name the interest rate, at which the bank attracted the means from FMO and DEG, noting that for final conscientious borrowers the interest rate is lowered annually by 0.5 percentage points in the course of two years.