Manila, Philippines (BBN)– The Asian Development Bank (ADB) on Thursday signed trade finance agreements with six banks in Armenia to bolster the country’s trade sector and help ensure sustainable economic growth in the Central Asian country.
The trade finance agreements, the first signed by Armenia’s banks with ADB, were signed with Ameriabank CJSC, Anelik Bank CJSC, Ardshininvestbank CJSC, Armeconombank OJSC, Converse Bank CJSC, and Unibank Armenia CJSC.
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, an ADB announcement said.
Armenia has emerged from the slump caused by the global financial crisis, with contributions from major exports such as copper, chemicals, and jewelry, and improved gains made by industry, construction, services, and remittances aiding the country’s recovery last year.
The ADB is forecasting a gross domestic product growth of 4.0 percent this year, according to its flagship Asian Development Outlook 2011 report released in early April. In 2010, the economy expanded 2.1 percent after contracting 14.2 percent in 2009.
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 $5.2 billion in 14 Asian countries.
BBN/SSR/AD-14Apr11-1:32 pm (BST)
