Fox Williams LLP has recently advised Asian Development Bank (“ADB”) on three term loans in the total amount of up to US$55m. The borrowers are all Armenian banks: Ardshininvestbank CJSC, ACBA-Credit Agricole Bank and Ameria Bank.
Established in 1966 and based in Manila, the main aim of ADB is to alleviate poverty in the Asian Pacific region. Operating in 59 countries and with over 2,800 employees, ADB targets its financing on projects which aim to deliver a material economic and development improvement to local populations.
Partners Paul Taylor and Richie Clark led the Fox Williams team. Aram Poghosyan of Grant Thornton’s Armenia office also assisted ADB on the transactions.
Paul Taylor said “It was a real pleasure to work for ADB. The negotiations with each of the banks went smoothly and the ADB team were very focused on targeting the loans to get the maximum economic benefit for the people of Armenia.”
Mary Abad a senior investment specialist at ADB commented as follows “The loans were designed to expand the banks’ lending activity to Armenia’s small and medium-sized enterprises, a sector that is critical to driving inclusive growth, increasing employment, and reducing poverty in the country. This is ADB’s largest project to support Armenia’s financial sector to-date.”