Converse Bank of Armenia has been awarded the Deal of the Year-Social Impact award by the Trade Facilitation Programme (TFP) of the European Bank for Reconstruction and Development (EBRD).

The winning deal featured a US$3.7 million letter of credit (L/C) issued by the Armenian bank.

Armenian first

The L/C was issued in support of the complete technical renovation of Izmirlyan Medical Centre with new GE Healthcare medical equipment.

This was the first Armenian import of medical equipment from GE Healthcare.

Complex structure

The L/C was confirmed by Belgium's KBC Bank, one of the TFP's most active confirming banks.

The confirmed L/C itself was a part of a complex intermediary transaction with several parties.

The L/C was supported by a 100 per cent EBRD guarantee covering commercial payment and political risks.

Making a difference

The Social Impact category in the TFP awards recognises transactions that are outstanding not only in financial structure but also exceptional for their social importance, as this deal was for the development of Armenia's healthcare sector.

Since the successful installation of the equipment in summer 2015, the number of patients treated at Izmirlyan Medical Center had increased by 12-15 per cent by the end of the year.

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