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Ifc Partners With Ardshininvestbank


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#1 Ashot

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Posted 28 December 2007 - 01:46 AM

International Financial Corporation (IFC), a member of the World Bank Group, announced Wednesday (December 26) that it has partnered with Ardshininvestbank, a leading bank in Armenia, to increase access to housing finance and lending to small and medium enterprises in the country.
Under the agreement the IFC will provide $10 million in equity and a $15 million long-term financing package to the bank.
This investment supports IFC’s strategy in Armenia, which focuses on improving the lives of low-income people and increasing access to finance for affordable housing. To help achieve this goal, IFC works with financial intermediaries in the country and provides advisory services.
Aram Andreasian, Chairman of Ardshininvestbank’s Board, said, “Working with IFC is an important step in our development. This will help us expand, improve operations, and offer new products and services to our clients. We look forward to a long-term partnership that will combine IFC’s strong international banking experience with our local expertise.”
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that poor people have the opportunity to escape poverty and improve their lives.
In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through loan participations and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries.
Founded in 2003, Ardshininvestbank is one of the largest and most successful banks in Armenia. Based on the audited financial report as of September 30, 2007, Ardshininvestbank is the leading bank in the country in terms of credit portfolio and profitability, with a net profit of about $8.9 million.
Its total assets reached nearly $250 million, and its equity reached about $43 million. The bank is universal and has one of the country’s largest branch networks, with 51 branches and an office in Paris. It offers a wide range of financial products to its clients.



#2 Ashot

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Posted 28 December 2007 - 03:15 PM

CUSTOMS AND TAX AGENCIES EXCEED PROJECTED TARGETS

YEREVAN, DECEMBER 28: The government has twice revised this year the originally projected targets for the state customs committee having raised them eventually to 188 billion Drams, nevertheless the government-affiliated agency will have collected this year some 210 billion Drams.
Chief of the committee, Armen Avetisian, who met December 27 with journalists, described the progress as unprecedented, saying it was the direct outcome of an improved administration and effective ‘customs and tariff’ policy.
He said overall his subordinates registered this year 43 cases of smuggling and 252 cases of breach of customs procedures.
Tax authorities have collected for their part 255 billion Drams, up from 194.5 billion Drams from a year ago. The state taxation service said growth was reported both in direct and indirect tax collection rates.
It said profit and income taxes amounted to 65.7 and 40.3 billion respectively. Collection of simplified taxes also rose to almost 9 billion Drams.
The service attributed the growth to better tax administration and a stronger crackdown on tax evasion.



#3 Ashot

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Posted 29 December 2007 - 09:53 PM

EBRD EXTENDS CREDIT TO ARARATBANK IN ARMENIA TO PROMOTE MSME FINANCING AND TRADE

YEREVAN, DECEMBER 29: The European Bank for Reconstruction and Development (ABRD) said it is extending a USD 5 million credit line and a USD 1 million limit under its Trade Facilitation Program to Araratbank, a privately-owned Armenian bank set up in 1991.
It said the financial package will be complemented by a technical cooperation grant for institution building.
The loan, which comes under the Armenian Multi-Bank Framework II, will be provided to Araratbank for on-lending to micro, small and medium-sized enterprises, thereby addressing a major constraint for economic growth.
Despite strong growth in recent years, Armenia’s economic potential remains constrained by difficulties in access to medium and long term finance.
The trade finance limit will allow Araratbank to roll out its trade finance operations and to start offering these products to clients.
Armenian banks still have very limited access to the international trade finance markets. The EBRD financing to Araratbank will also allow for more competition among local banks and more choice for local customers, EBRD said.
Michael Weinstein, Head of the EBRD Resident Office in Yerevan, said the EBRD funding will allow Araratbank to significantly expand its longer term lending activities, particularly in the country’s regions.
“This is a very important contribution to the growth of Armenia’s enterprise sector as at present the local banking sector does not deliver finance to micro and small enterprises on a large and sustainable basis”, he added.
Ashot Osipyan, CEO of Araratbank, stated: “We are very glad that the EBRD continues its cooperation with our bank, which is the most dynamically developing bank in the country. We are confident that the agreement will contribute to the fulfillment of our strategic plans. Araratbank holds a stable position in Armenia’s banking system and we are aiming to reach the leading position in the future.”
The Armenian Multi-Bank Framework, launched in March 2006, aims to support the increase of financial intermediation of Armenian banking system and bolster economic growth by making much needed medium-term funding available to micro and small businesses through credit lines to selected Armenian commercial banks. The EBRD works with most of the leading local banks, however this is the first project with Araratbank.






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