According to the ArmBanks research, the loan capacity of 17 Armenian banks has grown by 5.7% during the last 2 quarters of 2020, reaching 3.770.5 trillion AMD.
The first 3 places of Top 10 banks take Armbusinessbank with 602.5 billion AMD loan capacity (+6.2%), Ameriabank – with 597.2 billion loan portfolio AMD (+2.0%) and Ardshinbank – with 548.2 billion(+17.3%).
Other key players are ACBA-CREDIT AGRICOLE BANK, Converse Bank, VTB, Armeconombank, Unibank, and Araratbank.
As for credit companies, the best organizations with wide spectrum of services are Fast Credit Capital and Finca, that provide loans to physical entities and corporate customers to ensure investments in any business.
According to the statistics, there are about 1600 food-producing companies that export worldwide. One of the most effective sectors for potential growth in Armenia is the agro-processing industry.
The light industry is another fast-growing sector in Armenia today, which was one of the major export-oriented Armenian sectors since the Soviet Union years. Today, the light industry has a great perspective to become one of the major export-oriented industrial sectors.
As a motherland of winery Armenia’s wine industry, today is a leading branch of the economy. A large amount of wine, cognac, brandy, and other alcoholic beverage companies produce goods not only for the local market but also for export. Armenian wine and cognac are well known around the world for their high quality and exquisite taste.
As a backbone of any country’s economy the business, especially the small and medium ones, should be supported and privileged, as they create new jobs, thus, contributing to economic growth. The government’s contribution via financial aid and special policies ensures the growth of entrepreneurship, economic growth of the country. Businesses, especially SME must be supported through specially developed policies that both ease business loan provision procedures and guarantee the following growth in the future.
Tower is an Accounting, Business, and Legal Advisory company which staff has a proven track record in successfully assisting local and international companies doing business in Armenia. We provide value-added solutions for business by the business customs and practices in Armenia and compliance with the law.
Author: Peproneh Badalyan | Linkedin
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