BSTDB Expands Financing of the SME Sector Development in Armenia05-Dec-2016
The Black Sea Trade and Development Bank (BSTDB) provides a USD 10 million SME Loan to the Armenian ACBA-Credit Agricole Bank. The four-year loan will be used by ACBA-Credit Agricole Bank to finance specific projects or investment programmes for the creation, modernisation and expansion of industrial, agricultural or service-related facilities of small- and medium-sized enterprises (SMEs) in Armenia.
“This fourth loan agreement with ACBA-Credit Agricole Bank will further enhance access to longer-term financing for Armenian small businesses. The financing will contribute to the SME sector development, which is BSTDB’s strategic priority in Armenia supported by the Government. Our successful cooperation with ACBA-Credit Agricole Bank allows to reach out to a growing number of Armenian enterprises promoting job creation, income generation and multiplier effects for the economy” - said BSTDB President Ihsan Ugur Delikanli.
Since 2006, BSTDB provided Trade Finance and SME finance facilities to ACBA-Credit Agricole Bank totaling USD 33 million. Since the beginning of its operations in 1999, BSTDB’s cumulative financing to support the Armenian SME sector development provided through local banks amounted to about EUR 100 million.
ACBA-Credit Agricole Bank (previously named Agricultural Cooperative Bank of Armenia) was founded in March 1996 to finance mainly the development of the agricultural sector in Armenia within a framework of the EU’s TACIS Programme. The bank actively cooperated with international financial institutions such as IFC, World Bank, EBRD and KfW and had a long-term relationship with Credit Agricole Group, which has eventually became its strategic partner with 28% equity participation. The Bank specializes in lending to agro sector, small and medium-sized enterprises. Thanks to the good management and sound customer base, ACBA-Credit Agricole Bank developed to become one of the largest banks in Armenia with representations in all regions of the country. The Bank employs over 1250 people. More information is available at www.acba.am
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org.
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