The European Bank of Reconstruction and Development (EBRD) will hold a 20% share in “ProCredit Armenia” bank, which is starting its operation in Armenia in September. According to “Mediamax” the EBRD’s participation capital in the “ProCredit Armenia” bank will be AMD1.2 bln. This bank will specialize in providing financial capital to small and medium businesses in Yerevan, and for this purpose the EBRD will provide a credit sum of $ 7 mln, to be covered in five years. The “ProCredit” group consists of 19 banks, which exist in Eastern Europe, Africa and Latin America. Their operation and activities are controlled by “ProCredit Holding AG” head company in Frankfurt. It is worth mentioning that many banks are promising to provide capital or financing small businesses out of the capital, but this problem still exists.
