YEREVAN. – Proparco, a subsidiary of the French Development Agency, will provide a $20 million loan to Ameriabank.

The signing ceremony was attended by France's Ambassador to Armenia Jean-François Charpentier who welcomed the work of both the French Development Agency and its subsidiary Proparco in Armenia.

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“Since 1976 Propaco has been supporting economic development in the country, especially to small and medium sized enterprises,” Ambassador said.

The first loan agreement was signed back in 2013 when Prpoaco provided $15 million loan to Ameriabank. Four Armenian companies have already used the opportunities of that loan, Ambassador added.

Proparco Director for Financial Institutions Guillaume Barbrus, in turn, said Ameriabank remains a reliable partner even taking into account the economic difficulties Armenia was faced with during the last two years.

“The bank is number one in Armenia’s financial sector according to its indicators. With the new agreement, we intend to strengthen our achievements,” he said.

Director General Ameriabank Artak Hanesyan noted that the attracted funds will be used for dollar loans, but the bank also has other programs for available monetary resources.

“In this context, a new agreement will be announced in the coming month, with one of the international financial organizations, which agreed to provide loan in Armenian currency. Despite everything, there are excess funds in AMD. This allows us to provide medium and long-term local currency loans,” Hanesyan added.

Ameriabank’s loan portfolio makes 410 billion drams, and has grown by 19.7% as compared with the same period last year.