YEREVAN, February 17. /ARKA/. FMO, the Dutch Development Bank, has provided USD 10 million to Araratbank, the press office of the Armenian bank reports. According to the bank’s press release, the financial means will be lent for implementation of SME development programs as well as energy-saving and so called green business programs.
Under a cooperation program, loans of up to $10,000 each will be extended to micro businesses and no-larger-than-$1 million will be provided to small and mid-scale businesses for 5 years.
The financial means attracted under an agreement signed between Araratbank and FMO will not only allow to enhance availability of financial resources in Armenia, but will also increase competitiveness of SMEs, especially with financing of energy sufficiency programs.
Araratbank OJSC, one of Armenia’s flagship banks, provides modern high-quality services to individuals and legal entities by applying advanced technologies in development of banking services and creating special business culture in bank-client relationship.
Araratbank has 61 branches all over the country. As one of dynamically developing banks, it is constantly expanding its branch network and the range of its services. The bank is also an active participant of the Armenian economy’s real sector, particularly SME lending sector. It cooperates with 14 respected international financial organizations.
FMO is the Dutch entrepreneurial development bank. It invests in over 85 countries, supporting jobs and income generation in order to improve people’s lives. FMO invests in energy, agribusiness and financial organizations as well as food industry and water economy.
The Dutch Development Bank’s investments in the first half of 2019 totaled over €1 billion. Its head office is in the Hague. It has offices in Johannesburg (South Africa) and Nairobi (Kenya). –0—
