YEREVAN, ARMENIA (7 May 2018) — Asian Development Bank (ADB) Country Director for Armenia Mr. Shane Rosenthal attended Ameriabank’s event to mark the partnership between ADB and Ameriabank.
In January 2018, ADB and Ameriabank CJSC (Ameriabank) signed an agreement for an equity investment equivalent of $30 million—ADB’s first equity deal in Armenia—to promote financial inclusion and strengthen the country’s banking sector. ADB has also approved a loan of up to $30 million to Ameriabank.
“We are very pleased to be investing in Ameriabank. In partnership with Ameriabank’s dynamic team, we will help provide more credit to small and medium-sized enterprises (SMEs) so they can help contribute to inclusive growth and development of Armenia,” said Mr. Rosenthal.
“We highly appreciate this new level of partnership, which is a clear reflection of the level of confidence entrusted by ADB towards Ameriabank. This endeavor will create a renewed momentum for the bank to achieving its strategic goals and long-term aspirations and will accelerate its efforts towards accessing global capital markets in the foreseeable future,” said Chairman of the Ameriabank Board of Directors Mr. Andrew Mkrtchyan. “I am confident that our joint efforts will promote the development of the Armenian banking sector and will contribute to the economic growth in our country.”
Access to finance in Armenia remains a challenge, especially for SMEs and microentrepreneurs, despite their overall significance to Armenia’s economy. SMEs account for the majority of enterprises in Armenia but contribute a disproportionately low amount to the country’s gross domestic product (43%) and employment (41.7%).
Strengthening the banking sector in Armenia will help improve the availability of credit to SMEs and expand private financial services in the country. It will also increase the financing capacity of Ameriabank to serve SMEs. Specifically, the project will enable Ameriabank to provide sustainable financial services to SMEs so they can create more jobs and contribute to the growth and diversification of Armenia’s economy.
As part of its financing package, ADB will also provide a technical assistance grant to Ameriabank to support digital banking, IT systems, and risk management investments.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members—48 from the region. In 2017, ADB operations totaled $32.2 billion, including $11.9 billion in cofinancing.
Ameriabank is the largest lender in Armenia, with assets amounting $1.4 billion during the first quarter of 2018. Starting as the first investment bank in Armenia that has been providing a large package of innovative banking services since 2007, Ameriabank CJSC is now a universal bank offering corporate, investment, and retail banking services in a comprehensive package of banking solutions. For more details, please visit www.ameriabank.am.