Yerevan/Mediamax/. Asian Development Bank (ADB) issued a USD 20mln credit to Ameriabank with 5 years of loan maturity period for funding small and medium enterprise.

After signing the relevant loan agreement, the ADB Resident Representative in Armenia David Dole said that the total amount of the credit issued by the Asian Bank for the Armenian financial structures (Ameriabank, ACBA-Credit Agricole Bank, Ardshininvestbank and Inecobank) for financing small and medium enterprise makes USD 65mln, Mediamax reports.

Speaking about the reasons of ADB’s allocating funds to the Armenian banks, David Dole pointed out the improving investment environment in Armenia noting at the same time that inaccessibility of financial resources is the weakest side of doing business in Armenia. “Level of private sector funding in Armenia is lower than in other European countries and by issuing this credit we have strived to contribute to the growth of business crediting in a number of banks”, said David Dole.

Ameriabank Director for Corporate Clients Gagik Sahakyan said that the bank will start lending all the spheres of small and medium enterprises at competitive rates by the funds allocated by the ADB. He noted that the bank’s average annual rate of corporate credits makes 11-12%.

Gagik Sahakyan also said that Ameriabank is Armenia’s leader by the volume of business lending. He added that the bank’s business credits portfolio makes USD 300mln.