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ONE MORE CONTRACT SIGNED BETWEEN EUROPEAN BANK AND ARMECONOMBANK

Economy

European Bank intends to begin financial transactions with Armenia by the end of 2003. It is interested in taking part in capital of ArmEconomBank, one of the private banks of Armenia. Most probably, European Bank will privatise up to 25 % of ArmEconomBank shares. European Bank together with ArmEconomBank implemented credits of 1,5 million $.

“Successful execution of our first program with ArmEconomBank was incentive to further co-operation” ,Nikolai Hadjiuski, European Bank representative in Armenia and Georgia, says.

The first co-operation of European bank with the Armenian one was in 2000 and 1 million $ credit contract of 5 years was concluded.

One more contract was signed between the two banks today. A 500.000 $ guarantee will be allowed to ArmEconomBank. It will support implementation of bank customers’ payment commitments for goods export and import operations.

The Executive Director of ArmEconomBank says the new contract will stimulate export and will support Armenian enterprises to enter world markets .