Ardshinbank of Armenia has signed a US$35mn one-year club trade finance facility, arranged by Citi and the Asian Development Bank (ADB).
The finance will support Ardshinbank in providing trade finance for SMEs and entrepreneurs in Armenia and increase their access to international markets. It has been arranged as part of the ADB’s trade finance programme, which will also provide a guarantee.
This is the second club deal between Ardshinbank, Citi and ADB, following a US$25mn deal signed in late 2017 to support export and import transactions in the energy, mining and services sector.
“This facility will help Ardshinbank to further strengthen its leading position in the supporting of international trade finance projects,” says Artak Ananyan, Ardshinbank’s CEO.
Nana Khurodze, relationship manager at ADB, adds: “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.”
The ADB’s trade finance programme in Armenia has supported over US$170.6mn in trade through 601 transactions since 2012, 45% of which have been SME-related deals.