EBRD issued a credit to Converse Bank to the amount equivalent of USD 5M
01.02.2013
The European Bank for Reconstruction and Development (EBRD), in support of financing with the national currency of Armenia, issued a credit to Converse Bank to the amount equivalent of USD 5M to be used for financing of micro, small and medium businesses.
Due to the structure of the credit Converse Bank will be in the position to expand the loan portfolio in the national currency based on the growing demand of SME’s in long-term financing with national currency, simultaneously to avert the foreign currency risk for the sameIt is important to state this is the fourth project within the scope of cooperation between the EBRD and Converse Bank. In November 2008, Converse Bank received a credit of USD 10M for financing of micro, small and medium businesses. In March 2009, Trade Finance Facility Agreement was executed, whereby the EBRD recognized Converse Bank as the issuing bank within the framework of the Agreement. In May 2011, the Revolving Credit Agreement (RCA) was concluded, whereby the credit limit was intended for financing of import/export transactions.
The close cooperation with the EBRD is expected to carry on in 2013.