Project detail - ARMECONOMBANK OJSC

ARMECONOMBANK OJSC

Back to map

Who is our client

Armeconombank (“AEB”) in the Republic of Armenia is a top-10 Armenian mid-sized universal bank with a focus on MSME/Retail. AEB reports Total Assets ~USD 430m, Equity USD 69m and RoE 6.9%. With ~873 staff, AEB operates in the top-5 banking network in the country, with 51 branches. FMO has partnered with AEB previously, between 2010 and Dec-2013.

Funding objective

The purpose of the intended facility is to support and promote the trade finance activities of AEB.

Why we fund this project

The improving Armenian economy offers opportunities for trade finance. AEB is an existing FMO customer with a good track record. The proposed facility contributes to economic development in the Republic of Armenia.

Environmental and social rationale

The project has been categorised as Category C in accordance with FMO’s Sustainability Policy. The Project’s activities are deemed to have minimal or no adverse environmental and social risks and/or impacts. As part of the project, the bank will be required to apply the EDFI Exclusion List and (Country) E&S laws and regulations.

More investments

Date Total FMO financing
5/5/2020 USD 10.00 MLN
5/5/2020 EUR 5.00 MLN
5/15/2019 USD 10.00 MLN
Website client
http://www.aeb.am
Region
Europe & Central Asia
Country
Armenia
Sector
Financial Institutions
Signing date
5/17/2019
Total FMO financing
USD 5.00 MLN
Fund
FMO
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
C