5 mln USD financing to support private businesses

OPEC Fund for International Development (OFID) and Byblos Bank Armenia together finance small and medium businesses, operating in Armenia.

Byblos Bank Armenia started its USD 5 mln financing program of middle market companies late December 2010. The agreement with OFID provides funds for financing the lending program.
The funds sourced will be granted to small and medium size enterprises, operating in Armenia, for up to 5 years and at preferential rates, enhancing the availability of financing for this field, an important one for the development of the economy.

About OFID
OPEC Fund for International Development is a diversified financial institution, established on 1976 by the member-countries of OPEC. Types of financing include lending for business development and similar projects, assistance to the balance of payments and redemption of borrowings upon the initiative of heavily indebted poor countries (HIPC) organization, support to private businesses, grants as technical assistance, food aid, research and humanitarian aid, as well as provision of resources to other organizations, aimed at development and acting to support developing countries. As of Aug 31, 2009 total investments amounted to USD 11 billion.