YEREVAN, October 4, / ARKA /. Armenian Araratbank said today it has been provided with a $4 million fresh loan by BlueOrchard Microfinance Fund. According to a bank’s press release, it has been the second $4 million worth loan provided by BlueOrchard to Arartbank this year.
Araratbank said the loan will be used to finance micro manufacturing, trade, services and agriculture business projects.
The loans will be granted for a period of 3-5 years with an annual interest rate of 12-14 % to help boost micro and small businesses. Since the beginning of the year the bank has already financed 200 enterprises.
BlueOrchard Microfinance Fund was established in Luxembourg in 2001. Since its inception BlueOrchard-managed funds have provided nearly USD 2bn in loans to more than 260 microfinance institutions that together reach 30 million clients.
Araratbank was established in 1991. Some 74.18 % of its shares are owned by Barsegh Beglaryan, the owner of Flash oil trader and 25% by the EBRD. Araratbank joined NASDAQ OMX Armenia in 2009. -0-