The trade finance agreements, the first signed by Armenia’s banks with ADB, were signed with Ameriabank, Anelik Bank, Ardshininvestbank, Armeconombank, Converse Bank, and Unibank Armenia.
All the agreements were made under ADB’s Trade Finance Program which provides guarantees and loans through banks to facilitate international trade in ADB’s developing member countries.
ADB vice-president for private sector and cofinancing operations Lakshmi Venkatachalam said the trade finance agreements are expected to promote the continued expansion of the trade sector, which is a key component of Armenia’s economy, and this should translate to more jobs and steady economic expansion.
From the time it was launched in 2004 up to the end of 2010, the Trade Finance Program has supported 2,433 international trade transactions worth $5.2bn in 14 Asian countries.
In 2010 alone, the program supported 783 transactions.
ADB said it plans to further expand the reach of the Trade Finance Program in 2011 and 2012.
