Ardshinbank has signed a $35 million one-year Club Trade Finance Facility arranged by Citi with Asian Development Bank (ADB). This is the second Club deal between Ardshinbank (Bank), Citi and ADB, which clearly indicates the success of previous loan and matured partnership. Proceeds of this facility will strengthen the ability of Ardshinbank to provide trade financing to support entrepreneurs in Armenia and increase their access to international trade.
“We are proud to have built such a successful relationship with Citi and ADB, Ardshinbank’s long standing partners. This facility will help Ardshinbank to further strengthen its leading position in the supporting of international trade finance projects.” said Artak Ananyan, Ardshinbank’s Chief Executive Officer. “The funding is very important not only for Ardshinbank, but also for our clients in various sectors of the economy, boosting job-creation and long lasting benefits for them”.
“By delivering this trade finance facility to one of the leading Financial Institutions in Armenia, Citi has underlined its commitment to support growth in key developing markets” said Chafic Haddad, EMEA Head of Financial Institutions and Correspondent Banking, Treasury and Trade Solutions at Citi. "We are proud of our long standing relationship with Ardshinbank CJSC and the Armenian banking sector as a whole.”
“ADB is delighted to be part of this transaction with Ardshinbank and Citi,” said Nana Khurodze, Relationship Manager at ADB. “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.”
ADB's TFP in Armenia has supported over $170.56 million in trade through 601 transactions since 2012, 45% of which have been SME-related deals.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments, and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com
About Asian Development Bank
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 67 members—48 from the region.
The Trade Finance Program (TFP), backed by ADB's AAA credit rating, provides guarantees and loans to over 200 partner banks to support trade, enabling more companies throughout Asia to engage in import and export activities. With dedicated trade finance specialists and a 24-hour response time, the program has established itself as a key partner in the international trade community, providing fast, reliable, and responsive support to fill gaps in the region’s most challenging markets. Since 2009, TFP has supported more than 15,400 small and medium-sized businesses across developing Asia—through over 21,000 transactions valued at over $36 billion—in sectors ranging from commodities and capital goods, to medical supplies and consumer goods. For more information, visit the TFP website: http://www.adb.org/tfp