IFC allocated USD 20mln for ACBA-CREDIT AGRICOLE BANK

30.03.2011 | 14:46 Home / News / News /

Yerevan/Mediamax/. International Finance Corporation (IFC) opened a credit line for ACBA-CREDIT AGRICOLE BANK at the volume of USD 20mln for financing micro, small and medium enterprises and agriculture.

Mediamax informs that the agreement was signed in Yerevan today by the Chief Executive Officer of the bank Stepan Gishyan and IFC Regional Director for the Caucasus Thomas Lubeck.

Stepan Gishyan informed that the credits will be issued at market interest rates for the term of up to 5 years (repayment term of the credit line itself by the bank). Credit interest rates for agriculture financing will start at 14% annual. The Head of the Bank stated that the rates of agricultural credits, issued at the expense of IFC financing, will not be subsidized by the state. “However, the bank, as one of the largest creditors of the agricultural sector in Armenia, will also definitely participate in the state program on subsidizing interest rates of agricultural credits”, Stepan Gishyan stated.

Thomas Lubeck stated that the credit line, opened for ACBA-CREDIT AGRICOLE BANK, is one of the largest deals of IFC with the Armenian banking structure. “Before issuance of such a sum, the Corporation thoroughly studied the borrower and made sure that ACBA-CREDIT AGRICOLE BANK is really a very good bank”, Thomas Lubeck stated.

According to the Regional Director of IFC, by issuing this credit, the Corporation aims at contributing to growth of agriculture and small and medium enterprise first of all outside Yerevan.

Stepan Gishyan stated that the portfolio of agricultural credits of ACBA-CREDIT AGRICOLE BANK now exceeds AMD 30bln, “which makes over half of the aggregate credit portfolio of agriculture in Armenia”. Head of the bank also noted that the credit portfolio of ACBA-CREDIT AGRICOLE BANK a few days ago surpassed 100bln, “and this is an unprecedented case in the banking system of Armenia”.

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