A surge in letter of credit (L/C) and guarantee business has helped Ameriabank to receive prestigious awards from international financial institutions in recognition of its trade finance operations.

The Armenian bank has been awarded for its achievements under the European Bank for Reconstruction and Development's (EBRD's) Trade Facilitation Programme (TFP) and the International Finance Corporation's (IFC's) Global Trade Finance Programme (GTFP).

EBRD awards

At the recent TFP awards ceremony, the EBRD awarded Ameriabank the 2023 deal of the year for export; the 2023 deal of the year for green trade in renewable energy, and for the completion of the climate practices and transition planning programme in Armenia.

The TFP award team highlighted Ameriabank's "outstanding contribution to facilitating trade in green technologies and continuously supporting the transition to a green economy."

IFC awards

Ameriabank also received an honourable mention under the outstanding GTFP issuing bank award at the GTFP's global trade partner meeting in Barcelona earlier this month.

The event brought together over 300 representatives from the international trade finance sector.

L/C achievements

As of year-end 2023, Ameriabank's L/C and guarantee portfolio reached 73.1 million Armenian dram (AMD 73.1 billion - US$190 million) doubling from the previous year, while the number of transactions increased by more than 60 per cent, and the portfolio of funds attracted for trade finance purposes surpassed AMD 26 billion.

Ameriabank was the first Armenian bank to receive confirming bank status under the EBRD's TFP in 2013. Since 2022, it has been also the first and remains the only Armenian bank with confirming bank status under the IFC's GTFP.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.