Yerevan/Mediamax/. “Converse Bank” CJSC concluded an international trade financing memorandum with Asian Development Bank (ADB) today.

By the terms of the memorandum, bank guarantees and letters of credit will be provided to “Converse Bank” customers in order to contribute to international trade.

“Signing of the memorandum is another step for improving the terms for letters of credit provision”, “Converse Bank” Executive Director Tigran Davtyan noted. He stressed that many importers bypass low-risk goods, such as letters of credit, and choose “to either import the goods and then pay, or, which is worse, pay the prepayment and enter the risk zone”.

Besides “Converse Bank”, ADB signed such memoranda also with 5 other commercial banks in Armenia. According to the given memoranda for trade financing, a credit line of USD 17mln will be opened for the commercial banks for trade financing.