Yesterday the Armeconombank got a 15 million dollar syndicated loan from the European Bank of Reconstruction and Development, and several other major banks, such as the German Commerzbank AG, the Austrian Raiffeizen Zentralbank Osterreich AG and the Bank Austria Creditanstalt AG, as well as the State Bank of India, the Land Bank of Taiwan and the FBN Bank (UK) Limited, the CEO of Armeconombank Davit Sukiasyan stated. The first five million dollars will be disbursed by the EBRD to be repaid in 36 months, the other ten million will be disbursed by the abovementioned banks, 5 million to be repaid in 18 months and 5 million to be repaid in 12 months. The purpose of the loan is development of small and medium-sized businesses. Davit Sukiasyan says they will issue loans from 400 thousand dollars and up with an interest rate of 14-16 percent. ‘’This is an unprecedented event in the history of Armenia’s banking system, as apart from EBRD, the lenders are German Commerzbank AG, Austrian Raiffeizen Zentralbank Osterreich AG and Bank Austria Creditanstalt AG, as well as the State Bank of India, the Land Bank of Taiwan and British FBN Bank (UK) Limited,’’ the Executive Director of ‘’Armeconombank’’ Open Joint Stock Company David Sukiasian said at the signing of the respective agreement. “The interests and appetite to Armenia has recently been increased and this contract is only the first swallow of the trust to Armeconombank. This can be called as a new year gift for the Armenian people. At present we are on the threshold of serious investments, which will be later continued by other foreign banks,” stated the head of the EBRD Armenian office, Michael Weinstein. According to the latter the banking system is one of the most developed sector of Armenia. Let’s remember that the business of the main owner of the Armeconombank, Sukiasyans have appeared in the attention of the RA Police and Tax inspection bodies. Sukiasyan, who is also a parliament deputy, fell foul of the Armenian government in September shortly after he publicly reaffirmed his long-standing support for Ter-Petrosyan and endorsed the latter’s candidature in next February’s presidential election. Armenian tax authorities launched a financial investigation into companies making up the Sukiasyan family’s SIL Group in October. Three of those companies were promptly charged with evading millions of dollars in taxes. Two of them, a Pizza di Roma restaurant chain and a printing house, saw their chief executives arrested on corresponding charges. 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. According to member of Board of Directors of the Central Bank of Armenia (CBA) Vardan Movsisyan, in his turn, said that Armenia’s banking system and ‘’Armeconombank’’ strengthen their positions on the international bank arena even more. Movsisyan stressed the importance of goal-oriented allocation of the loan and pointed out the importance of the development of small and medium enterprises in the country’s economic development. Let’s remember that the EBRD has been working with the Armeconombank since 2000 and till now programs in the amount of 20 million USD have been implemented. Let’s also remember that since 2004 25%+1 of the stocks of the Armeconombank have belonged to the EBRD.
