Armenia to receive a $20 mln lumpsum amount from OFID via Ameriabank for on-lending to SMEs

 Ameriabank and the OPEC Fund for International Development (OFID) have signed a USD 20 million agreement on SME lending in Armenia. The loan will be provided for 7 years. The press office of Ameriabank has told ArmInfo that the share of SMEs in the GDP is 35-40%.   

The source stresses that the OFID is providing Armenia with such a lumpsum amount for the first time. 
"Ameriabank gives high priority to establishment of partnership with the OFID. The additional financial resources will enable us to increase the SME lending and ensure long-term financing of these entities. This will contribute to extension of their activities, enhancement of their competitiveness, creation of new jobs and further development of Armenian economy in general," says Artak Hanesyan, Chairman of the Management Board-General Director of Ameriabank. 

When expanding partnership with international authoritative structures, Ameriabank has already raised a total of USD 320 million. 

The OPEC Fund for International Development (OFID) is an intergovernmental development finance institution established in 1976 by the Member States of the Organization of the Petroleum Exporting Countries (OPEC). OFID's objective is to reinforce financial cooperation between OPEC Member Countries and other developing countries, by providing financial support to the latter for their socioeconomic development.

The Financial Rating of Armenian Banks by the Agency of Rating Marketing Information (ArmInfo) says that as of 1 April 2015 Ameriabank retains leadership in terms of lending to economy sectors - over 215 bln AMD, with a 44% year-over-year growth.  The share of SME lending in the Bank's loan book is about 24% or over 59 bln AMD (the Bank is among the top three by this index), with a 63% year-over-year growth and 3-fold growth over the past three years. Ameriabank CJSC  is a universal bank offering corporate, investment and retail banking services in a comprehensive package of banking solutions. The sole owner of Ameriabank is Ameria Group CY Ltd. In May 2015, Fitch Ratings published the Long-term Issuer Default Rating (IDR) rating of Ameriabank at B+ with a Negative Outlook.  Ameriabank has become the first Armenian bank with no foreign parent bank to receive a rating similar to the country ceiling rating, which is a high assessment.  The rating testifies to open and transparent activity of Ameriabank.