Arminfo.info



 Wednesday, June 18 2014

Isahakyan Gayane

EFSE supports Araratbank fostering MSE banking

EFSE supports Araratbank fostering MSE banking

The European Fund for Southeast Europe (EFSE) expanded its partnership with Araratbank OJSC (Araratbank, the Bank) by issuing an additional USD 12 million senior loan to fund sub-loans destined for micro and small enterprises (MSEs) in Armenia.  


Araratbank is a long-standing partner lending institution of the EFSE that has always shown a strong commitment to serving the Fund's target group of MSE owners, and thus to supporting the economic activity in the country. This additional long-term financing provided by EFSE will enable Araratbank to offer loans with longer maturity and address the working capital and investment needs of MSEs in a sustainable way.  


"Since our cooperation began four years ago, Araratbank has consistently proved a trustworthy and successful partner for the EFSE," says Monika Beck, Chairperson of the Board of the EFSE. "Supporting Araratbank's ability to provide long-term financing is essential to foster responsible banking practices, and therefore to fulfil the EFSE's mission of facilitating sustainable financing for micro and small enterprises." 


"This latest senior loan is the fourth credit facility Araratbank OJSC has obtained from the EFSE, and this fact alone is the best evidence for the strength and stability of the relationship between our two institutions. Within the framework of the previous agreements, we provided loans for 967 projects related to micro and small enterprise activities. The EFSE's funding enabled us to offer our clients financing under long-term, affordable and competitive terms and to diversify our loan portfolio," stated Ashot Osipyan, CEO of Araratbank OJSC, touching upon the new loan agreement signed for the purposes of stimulating micro and small enterprises in Armenia. He also saluted the effectiveness with which the EFSE Development Facility provided technical assistance in improving the Bank's risk management structures, branch network management and internal audit systems. The senior loan will specifically serve to finance sub-loans with an interest rate in the 10-11% range and a 5-year maturity.  
The European Fund for Southeast Europe (EFSE) was initiated by KfW Development Bank (KfW) with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission. It aims to foster economic development and prosperity in Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, former Yugoslav Republic of Macedonia, Kosovo, Georgia, Moldova, Montenegro, Romania, Serbia, Ukraine and Turkey. As access to finance is a key success factor in developing the micro, small and medium enterprise segments, the EFSE focuses on assisting local financial sectors in strengthening their ability to ensure adequate and sustainable financing. The funding the EFSE provides as long-term finance primarily for micro and small enterprises (MSEs) – but also for private households in the form of home improvement loans – is channelled to these loan customers through local partner lending institutions. Supporting the EFSE's investment activities is the EFSE Development Facility, which provides partner lending institutions with technical assistance, consulting and training services to build operational capacities and professional management.  


Initiated by KfW Development Bank (KfW) on 15 December 2005 from four multi-donor programs under its management, the EFSE is the first public-private partnership of its kind and the first privately managed fund in development finance to leverage private funding for MSE finance in the target region. Capital is provided by donor agencies, international financial institutions and private institutional investors, including the German Federal Ministry for Economic Cooperation and Development (BMZ), the European Commission (EC), the Government of Albania, Small and Medium Business Credit Support CJSC (SMBCS), a subsidiary of the Central Bank of Armenia, the Development Bank of Austria (Oesterreichische Entwicklungsbank - OeEB), the Swiss Agency for Development and Cooperation (SDC), the Danish International Development Agency (Danida), KfW as Lead Investor, the International Finance Corporation (IFC), the Netherlands Finance Company (FMO), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank  (EIB), Sal. Oppenheim and Deutsche Bank.  


Oppenheim Asset Management Services S.a r.l., Luxembourg, and Finance in Motion GmbH, Germany, are, respectively, the EFSE's Fund Manager and Fund Advisor.  


For more information about the European Fund for Southeast Europe, please visit: http://www.efse.lu/ 


As of 31 March 2014, Araratbank OJSC bank's loan portfolio totalled AMD 61,458 million, with small and medium enterprises accounting for 55.2% of the total loan portfolio. At AMD 131,789 million, total assets were up by AMD 6,553 million or 5.2% compared to the year-end. Liabilities amounted to 111,214 million, up by AMD 5,610 million or 5.3% versus the end of 2013.  Total equity amounted to AMD 20,575 million on 31 March 2014, a 4.8% increase (AMD 942 million) compared to the end of 2013. As of 31.03.2014, net profits of Araratbank OJSC for the current year to date amounted to AMD 1,103 million.  Media contact EFSE Media Relations Merle Romer Manager Communications and Events e-mail: [email protected] Tel: +49 (0)69 9778 7650-171 Media contact Araratbank Media Relations Anna Baghdasaryan PR Adviser to CEO E [email protected] Tel: +374 (0)91-45-55-85 www.araratbank.am

POST A COMMENT
Input digits     

AraratBank convenes Annual General Meeting of ShareholdersAraratBank convenes Annual General Meeting of Shareholders
Ankara welcomes Yerevan`s decision to recognize Palestine - Erdogan Ankara welcomes Yerevan`s decision to recognize Palestine - Erdogan 
Rep. Schiff leads letter urging U.S. to protect Armenian cultural  heritage in ArtsakhRep. Schiff leads letter urging U.S. to protect Armenian cultural  heritage in Artsakh
Armenian delegation not to participate in Slavic Bazaar competition Armenian delegation not to participate in Slavic Bazaar competition 
Armenian Security Council Sec accuses Russia of surrendering Karabakh  to Azerbaijan Armenian Security Council Sec accuses Russia of surrendering Karabakh  to Azerbaijan 
Military-technical cooperation between Armenia and Russia decreased  from 96% to less than 10% - Armen GrigoryanMilitary-technical cooperation between Armenia and Russia decreased  from 96% to less than 10% - Armen Grigoryan
Baku has not yet responded to Yerevan`s proposal to create joint  mechanism for investigating border incidentsBaku has not yet responded to Yerevan`s proposal to create joint  mechanism for investigating border incidents
Armenia receives 10th package of peace proposals from Azerbaijan -  Armen Grigoryan Armenia receives 10th package of peace proposals from Azerbaijan -  Armen Grigoryan 
Azerbaijan will do everything to disrupt process of concluding peace  agreement with Armenia to launch new aggression against Armenia after  the COP29 - Armenian MPAzerbaijan will do everything to disrupt process of concluding peace  agreement with Armenia to launch new aggression against Armenia after  the COP29 - Armenian MP
Government must take measures to prevent torture - Anahit ManasyanGovernment must take measures to prevent torture - Anahit Manasyan
Kaja Kallas to replace Joseph Borrell as EU diplomatKaja Kallas to replace Joseph Borrell as EU diplomat
Kevin Spacey to be guest of honor at Golden Apricot Film FestivalKevin Spacey to be guest of honor at Golden Apricot Film Festival
Was visit of head of Nor Nork community to Ukrainian city of Bucha  coordinated with Yerevan Mayor?Was visit of head of Nor Nork community to Ukrainian city of Bucha  coordinated with Yerevan Mayor?
Foreign Ministers of Armenia, Turkiye discuss bilateral-regional  issues:  sourceForeign Ministers of Armenia, Turkiye discuss bilateral-regional  issues:  source
Politician: Current Armenian leadership has virtually no foreign  policy agendaPolitician: Current Armenian leadership has virtually no foreign  policy agenda
Armenian Deputy Defense Minister gives answers in Armenian Deputy Defense Minister gives answers in " in Jewish style"
How many forcibly displaced Artsakh residents have left Armenia?: NSS  dataHow many forcibly displaced Artsakh residents have left Armenia?: NSS  data
State Dept Report: Government of Armenia does not fully meet minimum  standards for elimination of trafficking State Dept Report: Government of Armenia does not fully meet minimum  standards for elimination of trafficking 
Alexey Overchuk: EAEU, EU are incompatible; arrival of extra-regional  players in Armenia will have consequencesAlexey Overchuk: EAEU, EU are incompatible; arrival of extra-regional  players in Armenia will have consequences
Goal of referendum on Armenia`s European integration withdrawal of  Russian military base from Armenia  Goal of referendum on Armenia`s European integration withdrawal of  Russian military base from Armenia  
Whatever Turkey did to the non-Muslims in the past, they d proudly  do to Europe if they had the means - Uzay BulutWhatever Turkey did to the non-Muslims in the past, they d proudly  do to Europe if they had the means - Uzay Bulut
Formation of new world order clearly manifested in Middle East, with  certain challenges for Armenia as well - political scientistFormation of new world order clearly manifested in Middle East, with  certain challenges for Armenia as well - political scientist
Armenia`s government specifies conditions for military service Armenia`s government specifies conditions for military service 
Terms of new public transport fares system to be postponed Terms of new public transport fares system to be postponed 
Aram I, Ishkhan Saghatelyan discuss situation in Armenia Aram I, Ishkhan Saghatelyan discuss situation in Armenia 
Russia`s allies ready to help in case of need - CSTO Sec Gen Russia`s allies ready to help in case of need - CSTO Sec Gen 
Washington continues to support engagement between Azerbaijan and  ArmeniaWashington continues to support engagement between Azerbaijan and  Armenia
Proposal made to exempt pilots from military service Proposal made to exempt pilots from military service 
National cuisine festival National cuisine festival "Tadi Shorva" to take place in Areni  
Artsakh National Assembly factions accuse Armenian authorities of  inciting hatred towards Karabakh ArmeniansArtsakh National Assembly factions accuse Armenian authorities of  inciting hatred towards Karabakh Armenians
Heads of churches say Israeli government is demanding they pay  property tax, upsetting status quoHeads of churches say Israeli government is demanding they pay  property tax, upsetting status quo
Yerevan-Aparan highway unblocked; locals demand meeting with  Armenia`s premier Yerevan-Aparan highway unblocked; locals demand meeting with Armenia`s premier
Prosecutor General`s Office of Azerbaijan announces completion of  investigation into trumped up cases against 15 representatives of  Artsakh held in Baku prisonsProsecutor General`s Office of Azerbaijan announces completion of  investigation into trumped up cases against 15 representatives of  Artsakh held in Baku prisons
Armenia is ready to provide students with scholarships to study at  world`s leading universitiesArmenia is ready to provide students with scholarships to study at  world`s leading universities
Ambassador: Azerbaijan is in hurry to get completely rid of rich  Armenian cultural heritage in Nagorno-KarabakhAmbassador: Azerbaijan is in hurry to get completely rid of rich  Armenian cultural heritage in Nagorno-Karabakh
Opinion: spearhead of Islamic world in form of Turkiye will enter  soft underbelly of Russia through eastern province of Azerbaijan and  DagestanOpinion: spearhead of Islamic world in form of Turkiye will enter  soft underbelly of Russia through eastern province of Azerbaijan and  Dagestan
All of them, from the minister to the prime minister, are `leading us  by the nose`: tense situation on Yerevan-Aparan highwayAll of them, from the minister to the prime minister, are `leading us  by the nose`: tense situation on Yerevan-Aparan highway
Foreign journalists and experts sounding alarm over new war threats  against Armenia from AzerbaijanForeign journalists and experts sounding alarm over new war threats  against Armenia from Azerbaijan
Atom Egoyan`s new film to open Golden Apricot 21st Int`l Film  Festival Atom Egoyan`s new film to open Golden Apricot 21st Int`l Film  Festival 
NSS of Armenia lays the basis for involvement of Artsakh partners in  its ranksNSS of Armenia lays the basis for involvement of Artsakh partners in  its ranks
Total number of destroyed heritage sites by Azerbaijan in occupied  territories of Artsakh rose by 75%; Caucasus Heritage Watch sounds  alarmTotal number of destroyed heritage sites by Azerbaijan in occupied  territories of Artsakh rose by 75%; Caucasus Heritage Watch sounds  alarm
Pashinyan: Pashinyan: "real Armenia" is the Armenia where people no longer want  to suffer and fight, but simply live
Toivo Klaar welcomes Armenia`s proposal to Azerbaijan to establish  bilateral mechanism to address alleged ceasefire violationsToivo Klaar welcomes Armenia`s proposal to Azerbaijan to establish  bilateral mechanism to address alleged ceasefire violations
Armenian Paralympic Weightlifters show excellent results in Tbilisi Armenian Paralympic Weightlifters show excellent results in Tbilisi 
Armenia`s defense ministry refutes Azerbaijan`s disinformationArmenia`s defense ministry refutes Azerbaijan`s disinformation
Hearing of proposal to hold referendum on Armenia`s application to  join EU divorced from geopolitical realitiesHearing of proposal to hold referendum on Armenia`s application to  join EU divorced from geopolitical realities
Armenia`s decision to recognize Palestine follows telephone call  between Turkish president and Armenia`s premier Armenia`s decision to recognize Palestine follows telephone call  between Turkish president and Armenia`s premier 
Little land of Nagorno-Karabakh, historically ancient Armenia, has  now been cleansed of all Armenians - Caroline CoxLittle land of Nagorno-Karabakh, historically ancient Armenia, has  now been cleansed of all Armenians - Caroline Cox
Armenia, Croatia and Estonia will purchase 60 Caesar self-propelled  howitzers from France - Sebastien LecornuArmenia, Croatia and Estonia will purchase 60 Caesar self-propelled  howitzers from France - Sebastien Lecornu
Arab countries, Hamas welcome Armenia`s recognition of Palestinian  stateArab countries, Hamas welcome Armenia`s recognition of Palestinian  state
Armenia eyes cutting-edge Indo-Israeli MR-SAM defense systemArmenia eyes cutting-edge Indo-Israeli MR-SAM defense system
Mother Armenia, ArmConsul law office to render free legal services to  refugees from Nagorno-Karabakh Mother Armenia, ArmConsul law office to render free legal services to  refugees from Nagorno-Karabakh 
Belarus hands note over to Armenia Belarus hands note over to Armenia 
HELMHOLTZ interested in joint research with Armenia in a number of  fields HELMHOLTZ interested in joint research with Armenia in a number of  fields 
Turkiye welcomes Armenia`s recognition of State of PalestineTurkiye welcomes Armenia`s recognition of State of Palestine
Yerevan properly executing Baku`s orders - opposition MPYerevan properly executing Baku`s orders - opposition MP
Armenia`s premier recognizes Palestine whereas refused to recognize  Artsakh - expertArmenia`s premier recognizes Palestine whereas refused to recognize  Artsakh - expert
Palestinian Presidency commends Armenia`s decision to officially  recognize State pf Palestine Palestinian Presidency commends Armenia`s decision to officially  recognize State pf Palestine 
Azerbaijani MFA responds to EU High Rep`s statement Azerbaijani MFA responds to EU High Rep`s statement 
Whole of Armenia to turn into Kirants and Tigranashen soon Whole of Armenia to turn into Kirants and Tigranashen soon