Ardshinbank signed a USD 25 million Club Trade Finance Facility with Citibank and the Asian Development Bank (ADB). Part of the transaction has been guaranteed by ADB under the Trade Financing Facility.

"This transaction is the first Trade Finance Club Agreement with Citibank, which has been implemented with Ardshinbank. The loan under this agreement will be directed to the financing of export and import transactions of the Bank's major corporate customers, contributing to the increase in the volume of trade deals in key sectors of Armenia's economy including energy, mining and trade.

We are proud to have a leading position in supplying our corporate and SME customers with the necessary trade finance tools. This transaction will not only allow expanding our customer base, but also will contribute to Armenia's sustainable economic growth, "said Mher Grigoryan, Chairman of the Board of Ardshinbank. "I would like to thank our long–term partners: Siatbank, and the Asian Development Bank for their effective cooperation and successful implementation of the transaction.

"Our goal is to provide clients with the best tools for trade financing, according to their requirements. Citibank's geography and trade finance experience enable us to boost developing countries' growth and promote their progress, "said Chafik Haddad, director of Citibank Financial Institutions and Correspondent Relations, Treasury and Commercial Instruments in Europe, Middle East and Africa. "Taking into account the unprecedented trade financing transaction for Ardshinbank, we have cooperated with a number of industry specialists so that we can offer solutions that meet the Bank's trade finance requirements."

"The Asian Development Bank is pleased to be involved in this transaction with Ardshinbank and Citibank," said Nana Khurodze, ADB's Managing Partner, "This transaction will allow Ardshinbank to expand its trade finance operations by supporting more importer and exporter organizations, including small and medium-sized enterprises, which will in turn contribute to the creation of new jobs and economic growth in Armenia. Since 2012, ADB has supported 159 commercial transactions worth $ 55.9 million in Armenia within the framework of its Trade Finance Program, 95.6% of which is for SME financing.

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