Ameriabank and the International Development Fund of OPEC (Organization of the Petroleum Producing Countries) signed a long-term loan agreement of 30 million USD to support the development of the private sector in the country.
About 50 percent of the loan will be directed to the financing of small and medium enterprises (SMEs), which will enable them to get the necessary funds to develop their business, create new jobs and expand their operations. The other part of the loan funds will be directed to the implementation of green projects, in particular, projects contributing to the increase of energy efficiency and the reduction of carbon emissions in Armenia.
According to Tarek Alnassar, Assistant Director General for Private Sector and Trade Finance Operations of the OPEC International Development Fund. "We are pleased to continue our cooperation with Ameriabank through new financing tools for SMEs and energy efficient projects in Armenia, which will help provide SMEs with working capital and contribute to sustainable energy development and economic resilience."
The Fund and Ameriabank have been cooperating since 2015, contributing to the development of Armenia's economy in the directions of SME and trade financing. In particular, within the framework of the first signed contract (US$ 20 million), credit funds were directed to small and medium-sized enterprises (SMEs) operating in various sectors of the economy, including wholesale trade, manufacturing, food industry and hotels. The second loan (USD 25 million), which was provided as part of the fund's trade financing operations, contributed to the expansion of Ameriabank's international trade portfolio. More than 130 enterprises in Armenia received financing within the framework of the two credit agreements.
Artak Hanesyan, the chairman-general director of Ameriabank Directorate, mentioned in his speech. "I would like to express my gratitude to the OPEC International Development Fund for our long-term fruitful cooperation. SME financing is one of our strategic goals and we are pleased to join forces again to offer long-term financing to our customers. Adhering to our green strategy plans, financial resources will also be directed to the implementation of energy-efficient projects."
It should also be noted that since 2009, Ameriabank has financed more than 250 million USD projects in the field of renewable energy.
About the OPEC fund
The OPEC Fund for International Development is the only development institution with a global mandate that provides financing exclusively to non-member countries from the funds of member countries. The Foundation works with developing countries and international partners to promote economic and social growth in middle and low-income countries. The OPEC Fund for International Development was established by OPEC member countries in 1976 with the express purpose of promoting development, strengthening communities and empowering people. Our work is people-centred, targeting programs that address basic needs such as food, energy, infrastructure, employment (especially among micro, small and medium enterprises), clean water and sanitation, health and education. To date, the OPEC Fund has allocated more than 22 billion USD for development projects in more than 125 countries, the total cost of which is 187 billion USD. Our vision is a world where sustainable development is a reality for all.
"Ameriabank" CJSC is one of the dynamically developing banks in Armenia and ranks among the most stable and large financial institutions developing in the direction of digitization in the country. Being the first investment bank in Armenia, Ameriabank is a universal bank that provides a complete package of innovative corporate, investment and retail banking services. Ameriabank is the leading bank in Armenia according to all key financial indicators (assets, liabilities, loan portfolio, net profit and capital) of the results of the 3rd quarter of 2021. For more information, you can visit www.ameriabank.am.