Thu, 28 August
34.1 C
Yerevan
USD: 384.03 RUB: 4.80 EUR: 443.29 GEL: 142.29 GBP: 510.11

Araratbank and EDB sign $4 million loan agreement to finance micro and small businesses in Armenia

YEREVAN, January 20. /ARKA/. Armenian Araratbank and the Eurasian Development Bank (EDB) signed on Friday a $4 million loan agreement to finance micro and small businesses in Armenia.

“This is a new opportunity and a new way of cooperation with the Eurasian Development Bank,” Araratbank CEO, Ashot Osipyan, said after the signing ceremony.

Osipyan said it is the first such agreement with Eurasian Development Bank and added that loans will be provided at an average interest rate of 12-14% with a maturity of 3-5 years.

“We are actively cooperating with the European Bank for Reconstruction and Development, the World Bank, German bank KfW to boost lending to small and micro businesses in Armenia. The agreement with Eurasian Development Bank increases our opportunities,” he said.

Osipyan said that loan will be provided in U.S. dollars, and the lending to small and micro business will be also in hard currency.

The deputy chairman of the Eurasian Development Bank, Dmitry Zhurba, said it took a lot of time to prepare the deal. He said the Eurasian Development bank will increase its presence in Armenia.

“Araratbank has been working with other international financial institutions for a long time and I hope that our cooperation will develop and deepen,’ he said.

Araratbank, previously called Haykap Bank, was founded in 1991 and provides a full range of banking services to corporate, MSME and retail customers. The bank has established a reputation as a small but reliable and dynamically growing financial institution. EBRD holds 25% in Araratbank. The rest is held by Barsegh Beglarian, head of the biggest petrol importing company Flash.

EDB was founded by Russia and Kazakhstan in January 2006 in order to facilitate the development of market economies of member countries. Its authorized capital exceeds $1.5 billion. Member states are Russia, Kazakhstan, Armenia and Tajikistan. The bank has already provided Armenia with over $20 million loans. -0-

spot_img

POPULAR

Armenia registered an inflation rate of 3.4% in July.

According to the National Statistical Committee (NSC) of Armenia, 12-month inflation in the consumer market amounted to 3.4% in July of this year.

Changes made to compulsory motor liability insurance in Armenia

The Armenian Bureau of Motor Insurers has launched a new feature, as reported by the Central Bank of Armenia.

ODDO BHF financial group exploring potential collaboration with Armenian public sector and private enterprises

On Thursday, Armenian Economy Minister Gevorg Papoyan welcomed a delegation from the ODDO BHF financial group, as reported by the press service of the Ministry of Economy.

Ranking of most profitable banks in Armenia based on results of first quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the first quarter of 2025.

Ranking of Armenia’s most profitable banks in 2024

ARKA news agency has released a ranking of the most profitable commercial banks in Armenia in 2024.

LATEST NEWS

spot_imgspot_imgspot_img