The Citybank and the American Overseas Private Investment Corporation (OPIC) investment agency have provided a credit instrument of 10 mln USD to ACBA CREDIT-AGRICOLE BANK.
The objective of the provision of the credit instrument is to ensure assistance to the agricultural microfinance portfolio of ACBA CREDIT-AGRICOLE BANK in Armenia.
The credit instrument provided by Citibank and OPIC to ACBA CREDIT-AGRICOLE BANK consists of a loan of 5 mln USD and suspended repayment period of a loan provided previously in 2012 in the amount of 5 mln USD.
As it was announced in ACBA CREDIT-AGRICOLE BANK, the financing will be directed to the micro and small enterprises operating in Armenia, as well as to the financing of the agricultural sector.
“We highly appreciate the developing cooperation of Citybank and OPIC in the micro financing and in particular in the financing of the agricultural sector of our country. It will make it possible first of all to develop our capability to provide loan to the agricultural farms, which is vital for the development of the rural regions of Armenia”, said ACBA CREDIT-AGRICOLE BANK Chief Executive Director Hakob Andreasyan