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USAID To Allot $1.5m To Armenia As Part Of EBRD Program On CreditingSMB

ARKA News Agency, Armenia
Nov 14 2005

YEREVAN, November 14. /ARKA/. In Yerevan today, USAID announced its
contribution of $1.5 million to fund consultants providing expert
technical advice to Armenian banks to help them improve their small
business lending practices. Additional technical support amounting
to ~H300,000 is being provided by the multi-donor Early Transition
Countries (ETC) Fund which supports the EBRD's increasing activities
in its poorest countries of operation.

Appropriate memorandum was signed today in Yerevan between EBRD
and USAID.

Head of the EBRD Yerevan Office, Michael Weinstein, said at the
ceremony of signing the memorandum that the money given for technical
assistance will help local lenders to better understand and assess
clients' prospects and thus to reduce borrowing bottlenecks such as
collateral requirements.

In his words, the insufficient information banks received about
potential creditors leads to demanding great collaterals and,
as a result, to high risk of default in receiving the money. After
introducing new technologies the size of collaterals will become not so
important at the account of more right analysis of submitted business
plan and after taking into account cash flows, he said adding that
each bank will chose creditor, if EBRD will watch composition and
structure of credit portfolio in Armenia's regions.

Today 4 Armenian partner banks are included in the EBRD program on
crediting small and medium business - Anelik Bank, ACBA, Armeconombank
and Inecobank.

$135mln has been provided to 17 countries as technical assistance in
implementation of microfinance programs.

Armenia got membership in EBRD on December 7, 1992 with share of
10mln euros. As of Dec 31, 2004, EBRD signed agreements with seven
investment projects in Armenian worth 88mln euros. This amount makes
0.3% of total investments of the bank. Another 54mln euro is attracted
in addition to EBRD funding.


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