ACBA-CREDIT AGRICOLE BANK to receive $10 million from Black Sea Trade and Development Bank to support SMEs in Armenia
ACBA-CREDIT AGRICOLE BANK and the Black Sea Trade and Development Bank have signed a $10-million loan agreement to support small and mid-scale businesses in Armenia, the press office of ACBA-CREDIT AGRICOLE BANK reported on Tuesday.
ACBA-CREDIT AGRICOLE BANK will use this four-year loan for financing special projects and investment programs aimed at development and modernization of the Armenian economy’s agriculture and SME sectors.
“We highly appreciate our long-term cooperation with the Black Sea Trade and Development Bank, which gives us an opportunity to increase financing for SMEs,” ACBA-CREDIT AGRICOLE BANK CEO Hakob Andreasyan is quoted in the press release. “This agreement allows supporting a number of enterprises thereby contributing to creation of new jobs.”
The Black Sea Trade and Development Bank President Ihsan Delikanli, is quoted in the press release as saying that this is the fourth loan agreement with ACBA-CREDIT AGRICOLE BANK, which will increase room for financing Armenia’s small enterprises.
In his words, this financing will spur development of SMEs, and this is the top-priority aspect of the Black Sea Trade and Development Bank’s strategy in Armenia.
This cooperation, he said, will allow creating additional income and will have positive impacts on the economy.
ACBA-CREDIT AGRICOLE BANK has sealed a number of deals totaling $33 million with the Black Sea Trade and Development Bank since 2006.
The Black Sea Trade and Development Bank has provided €100 million to small and mid-scale businesses in Armenia since 1999.
ACBA-CREDIT AGRICOLE BANK was established in 1996 as part of European Union’s TACIS program. In September 2006, France’s Credit Agricole Group became the biggest shareholder of the bank making considerable investments into its capital. --0---