Yerevan, Armenia, July 6, 2009
—IFC, a member of the World Bank Group, is providing Armenia’s Ameriabank with a $5 million trade finance guarantee that will allow the bank to expand financing of foreign trade transactions of its clients throughout the country.
Ameriabank has joined IFC’s Global Trade Finance Program as an issuing bank. IFC will provide the bank with up to 100 percent guarantees for the import and export operations of its clients, including small and medium enterprises. The bank will have access to a global network of
more than 300 banks participating in the program.
“We are proud to join IFC’s trade finance program, which will give us more opportunities to generate international business with our customers,” said Artak Hanesyan, General Director and Chairman of the Management Board of Ameriabank. “Trade guarantees from such reputable institutions as IFC, particularly during these difficult times, have a positive impact on our bank’s expansion.”
Hanesyan also noted that Ameriabank hopes to expand its trade finance activities, adding to the bank’s already broad range of services and products. The bank has grown significantly during the last two years and aspires to be the leading corporate and investment bank in Armenia.
Snezana Stoiljkovic, IFC Director for Central and Eastern Europe, said: “We are glad to start our cooperation with Ameriabank. By joining the IFC Global Trade Finance Program the bank will help Armenian companies reach new markets and expand foreign trade in Armenia.”
The IFC Global Trade Finance Program, launched in 2005, supports trade with emerging markets worldwide and promotes the flow of goods and services to and from developing countries. IFC provides partial or full guarantees for individual trade transactions and covers the payment risk of 150 issuing banks in 72 countries. The program allows issuing banks to increase the volume and value of trade transactions, with enhanced tenors and access to competitive pricing terms.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totalled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org
.
About Ameriabank
Ameriabank is one of the most dynamic banks in Armenia and ranked among the country’s most stable financial institutions. It is the first investment bank in Armenia, and since 2007 has been providing an extensive list of innovative banking products and services specifically tailored to meet its customers’ needs. It focuses mainly on corporate and investment banking and supporting small and medium businesses in all sectors. Ameriabank is owned by “TDA Holdings Limited”, an investment company affiliated with Troika Dialog, a leading Russian investment banking group. For more information, visit
www.ameriabank.am
.
