France's EFSE to provide $10 mln loan to ACBA Credit Agricole BankDecember 14, 2016 - 19:12 AMT PanARMENIAN.Net - ACBA Credit Agricole Bank and the European Fund for Southeast Europe (EFSE) have signed a loan agreement in Armenia's national currency for the equivalent of $10 million, the bank's press service said. The loan will be used to finance agriculture and SMEs, ARKA reports. Cooperation between the Bank and EFSE began in 2013, when EFSE provided the Yerevan-based institution with two loans to assist in financing micro and small business in Armenia. ACBA Credit Agricole Bank Chief Executive Officer Hakob Andreasyan said that the loan will help the bank strengthen its position in the financial and banking system of Armenia. "We are delighted to deepen our cooperation with the European Fund for Southeast Europe and to obtain a new loan in the national currency. This deal will allow ACBA Credit Agricole Bank to step up lending to agricultural sector and SMEs, which are the cornerstone of our economic development," he said. EFSE Board Chairman Christoph Tiskens noted that effective cooperation between the two organizations, launched in 2013, has once again been confirmed by the third loan agreement. ACBA was established in 1996 as part of EU’s TACIS program. As a result of a long-term and mutually beneficial cooperation between ACBA Bank and the French Credit Agricole, the latter became the biggest shareholder of ACBA in 2006, September. ACBA was restructured to become a closed joint stock company and was renamed ACBA Credit Agricole Bank. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | IDBank, Dalma team up for Caucasian Deer Reintroduction Program IDBank has joined Dalma Garden Mall’s Green Challenge to support the Caucasian red deer reintroduction project. Through Ucom’s support the 12th Sunchild Festival concludes On May 24-28, with the support of Ucom, the 12th international environmental festival Sunchild took place in Yerevan. U.S., Turkey emphasize importance of Armenia-Azerbaijan peace deal Jake Sullivan and Akif Cagatay Kilic have discussed the normalization process between Armenia and Azerbaijan. Armenia coach expects good football in Slovenia friendly The Armenian national team has left for Ljubljana a friendly match against Slovenia on June 4. |