Ardshinbank of Armenia has signed a US$25mn one-year club trade finance facility, arranged by the Asian Development Bank (ADB) and Citi.
The finance will support export and import transactions in the energy, mining and services sector. It has been arranged as part of the ADB’s trade finance programme, through which there will also be a guarantee.
The bank’s CEO, Mher Grigoryan, says that it will help provide “much-needed trade finance products to our corporate and SME clients”.
The Armenian bank is a long-term client of Citi, but this is the first club trade finance facility it has received from the ADB.
Nana Khurodze, a relationship manager at the ADB, says: “Through this facility, Ardshinbank will be able to grow its trade finance operations to support more importing and exporting companies, including small and medium-sized businesses. This will support growth and job creation in Armenia.”