Ameriabank borrows $15mln from Development Bank of Austria for SME support and energy saving projects

Gayane Isahakyan. Ameriabank has signed a credit agreement with the Development Bank of Austria (OeEB) to borrow $15mln for eight years.

The press service of Ameriabank reports that 70% of the money will be spent on SME support, with the rest to be given to renewable energy and energy saving projects.

The source says that SMEs play a big role for Armenia's economy. They ensure 43% of the country's GDP and most of jobs. This agreement is supposed to help local SMEs to enlarge their activities and to become more competitive on both domestic and foreign markets. As regards the energy saving projects, they will become a stimulus for energy stability and effective use of energy in the country.

According to ArmInfo's Financial Rating of Banks of Armenia, in Jan- June 2013 Ameriabank's loan book grew by 5% to 161bln AMD, with 16% or 25.2bln AMD given to SMEs (18.2% growth in Jan-June 2013).  

Ameriabank CJSC is a universal bank offering corporate, investment and retail banking services in a comprehensive package of banking solutions. The bank carves out paths for improvement of customers' business and lifestyle, via both traditional and alternative, hyper- advanced banking technologies.
OeEB - Oesterreichische Entwicklungsbank AG (Development Bank of Austria) - finances investments of private companies in developing countries and emerging markets. The bank provides loans at near-market conditions, provide capital and increase the developmental effectiveness of its projects with related programs.