Wednesday, September 11 2019 13:56
Alina Hovhannisyan

Ameriabank signed regular loan agreement with FMO channeled to  "green" projects and youth financing in Armenia

Ameriabank signed regular loan agreement with FMO channeled to  "green" projects and youth financing in Armenia

ArmInfo. FMO (Dutch  Entrepreneurial Development Bank) and Ameriabank CJSC signed USD 20  million equivalent Local Currency Facility Agreement channeled to  "green" projects and youth financing in Armenia.

According to the press service of Ameriabank, this is the first local  currency loan issued by FMO on its own books in Armenia. The 7-year  facility will be dedicated to renewable energy and energy efficiency  projects as well as first time home mortgage, education and business  loans to persons younger than 35. 

"This is another remarkable achievement which we celebrate with our  long-standing partner FMO since 2009. This agreement creates new  opportunities for the economic development of the country and for  improving welfare of the population. Financing of renewable energy  and energy efficiency projects will further promote sustainable  development of the energy sector while ensuring efficient use of  energy amongst the enterprises and population. New funding  opportunities for young people will trigger growth of  entrepreneurship in our country and will raise the living standards  of the population", - said Artak Hanesyan, Chairman of the Management  Board-CEO at Ameriabank.  

FMO's Chief Investment Officer Linda Broekhuizen commented: "FMO is  proud of its strong and successful relationship with Ameriabank,  supporting the further economic development of Armenia. This new loan  facility will enable Ameriabank to support renewable energy and  energy efficiency projects, and to increase access to finance to  young entrepreneurs." According to the Financial Rating of the Banks  of Armenia as of June 30, 2019, prepared by IC ArmInfo, Ameriabank's  assets amounted to $ 1.7 billion (an increase of 15.8% y-o-y), credit  investments - $ 1.2 billion (an increase of 11.3% y-o-y), total  capital - $ 195.6 million (an increase of 9.4% y-o-y), total  liabilities - $ 1.5 billion (an increase of 16.7% y-o-y) and net  profit for the first half of the year - $ 11.7 million. By these  indicators, Ameriabank holds the lead. Corporate lending dominates in  the bank's loan portfolio - over 78% or $ 902.3 million (1st  position), mainly with a focus on the industrial sector (including  the energy complex) and trade. And in the bank's liabilities, over  27% or $ 405.7 million falls on the share of credit resources  attracted under international programs, in terms of which Ameriabank  holds the lead.

To note, FMO is the Dutch development bank. As a leading impact  investor, FMO supports sustainable private sector growth in  developing countries and emerging markets by investing in ambitious  projects and entrepreneurs. FMO believes that a strong private sector  leads to economic and social development and has a more than 45-year  proven track-record of empowering people to employ their skills and  improve their quality of life. FMO focuses on three sectors that have  high development impact: Financial Institutions, Energy, and  Agribusiness, Food & Water. With a committed portfolio of EUR 9.6  billion spanning over 82 countries, FMO is one of the largest  bilateral private sector development banks globally.

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