Ardshininvestbank, OFID sign USD10 million loan agreement

PanARMENIAN.Net - Ardshininvestbank and the OPEC Fund for International Development (OFID) signed USD10 million loan agreement. The loan is provided for 7 years to support the bank in its programs for SME financing.  



The official signing ceremony took place at OFID's headquarter in Vienna. The agreement was signed by Mr. Suleiman Jasir Al-Herbish, the Director-General of The OPEC Fund for International Development and Mr. Nerses Karamanukyan, the Chairman of the Management Board of Ardshininvestbank. 



Emphasizing the importance of this agreement, Karamanukyan said: "This is a long-term line of credit which will create opportunities for contributing to the development of local SMEs and will support them in overcoming the impact of tough economic situation. The Bank aims at continuously expanding its scope of cooperation with international financial institutions to attract more external financial resources and support the economic stability of republic of Armenia."  



Suleiman Jasir Al-Herbish, General Manager of OPEC Fund for International Development, in turn, stated: "Support for small and medium sized enterprises is a key priority for OFID. We know that Ardshininvestbank is active in this sector and is thus a good partner for OFID's financing. We are confident that the Line of Credit will assist Ardshininvestbank in expanding its services to the SME sector, thus stimulating overall economic development."



Ardshininvestbank CJSC was registered by the decision of the RA Central Bank Board in 2003. It operates through Contact, MoneyGram, Migom, IntelExpress, RIA, and Express Mail systems. In 2008, the bank was awarded the International Quality Management System Certificate ISO 9001: 2000. ASHIB has 49 branches in Armenia, 6 branches in NKR and an office in Paris.



The bank is a member of Armenian Bank Union, Armenian-Georgian Business Cooperation Association, ArCa payment system, Armenian fund exchange self-regulating organization, the Union of Armenian mortgage market and affiliated member of MasterCard/Europay international payment system.



Moody's assigned to the Bank Ba2 Long term and Not Prime short-term global local currency deposit rating, Ba3 Long term and Not Prime short-term foreign currency deposit rating and  D- Bank financial strength rating.



OFID (OPEC Fund for International Development) was founded in 1976 by OPEC (Organization of the Petroleum Exporting Countries) countries to provide assistance to the non-OPEC countries. OFID provides loans for project and program financing and for balance of payments support, participates in the Heavily Indebted Poor Countries (HIPC) Initiative, as well as provides financing through its trade finance facility. Other types of financing include private sector financing, grant programs as well as financial support to other international organizations such as Common Fund for Commodities, International Fund for Agricultural Development.