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THE FIRST SIGNS

Economy

December 14, a syndicated loan agreement to a total value of 15 million USD was signed between the Armenian ArmEconomBank and the European Bank for Reconstruction and Development (EBRD). Representatives of ArmEconomBank state that the agreement is unprecedented in the Armenian banking system as six financial institutions are engaged in the syndicated credit.

The purpose of the loan is to promote small and medium-sized businesses.

International structures have revived interest towards Armenia. The agreement is the first signs testifying to confidence towards ArmEconomBank, EBRD President said. The agreement is a Christmas present for the Armenians.

Reminder: the owner of the bank, Khachatur Sukiassian, was subjected to black PR after announcing his support for Armenia’s former President Levon Ter-Petrossian. Rumors were set that illegal transfers were flowing through the bank.

In reply to a journalist’s question whether the EBRD is aware of the recent events, the EBRD president said,

“We form a general picture about the bank judging by its financial account. My decision is grounded on objective facts. To tell the truth, I cannot comment on the recent events. Besides, I do not follow the press as I do not master Armenian, the EBRD president said.

The Chairman of the board of directors Saribek Sukiassian noted that the bank has numerous clients. The bank is obliged to realize the transfers of all clients, he said.

Black PR does not affect the bank’s activity. The bank tries to attract international structures. RA depositors are free to transfer their money to other banks whenever they want as it won’t the bank’s activity.

Surely, each civilian is to manage his property on his own. I would like to mention that we have agreements with some international structures, Saribek Sukiassian told A1+.

ArmEconomBank has been cooperating with the EBRD since 2000. The parties have implemented joint programmes of the value of 20 million USD.