YEREVAN, December 9. /ARKA/. Araratbank has attracted $10 million from responsAbility Global Microfinance Fund to foster financing for micro, small and medium businesses, the bank’s press office reported on Monday.
In 2012, the bank attracted as much money for this purpose as this year.
The bank will extend loans from these funds for three-to-fiver-year terms at nine-to-ten-percent interest rates.
The money will be lent to industrial, trade, services and agricultural businesses.
According to the press release, SME lending makes up 25% of the bank’s loan portfolio.
Araratbank is one of the biggest lenders to small and mid-scale businesses in the country. The bank offers modern lending instruments to its clients and offers loans on affordable conditions.
responsAbility Investments AG is one of the world’s leading independent asset managers specializing in the development-related sectors of emerging economies such as finance, agriculture, health, education and energy.
Founded in 2003, responsAbility currently has assets under management of USD 1.8 billion, which are invested in over 400 companies in around 80 countries. responsAbility is headquartered in Zurich.
Araratbank OJSC, heir of ArmSvyaz, was established in 1991.
In October 1996, the bank received its license.
European Bank for Reconstruction and Development holds 25% of Araratbank’s shares and 74.18% belong to Barsegh Beglaryan, owner of Flash Company.
On January 30, 2009, Araratbank joined NASDAQ OMX Armenia Stock Exchange. —-0—-
