Ardshinbank and the Black Sea Trade and Development Bank have signed a USD 20 million loan agreement

YEREVAN, March 26. /ARKA/. Ardshinbank has received the fifth facility from the Black Sea Trade and Development Bank (BSTDB) in the amount of USD 20 million to support small and medium-sized enterprises (SMEs) in Armenia.

This deal demonstrates the close partnership between the two banks and their common business objective to support the SMEs despite the turmoil caused by the outbreak of the Covid-19 infection.
“We highly value the long-term cooperation with BSTDB. Currently, when businesses, especially small and medium, face economic distress, this financing opportunity for Armenian enterprises is way more vital than ever. We are ready to assist SMEs to quickly tackle issues that are exacerbated by the current emergency” – commented on the event Chairman of the Management Board of Ardshinbank Artak Ananyan.

The facility has a maturity period of 5 years, which will enable Ardshinbank to offer the much-needed medium-term financing for SMEs capital expenditures and working capital needs.

“In these difficult times the BSTDB is sympathetic to the efforts our Member States make to contain the spread of the coronavirus and reduce the negative impact it has on human lives, societies and economic activity. Given the current critical conditions and changes in market perceptions of risk and liquidity, the Bank continues to assist the most vulnerable segment of companies, SMEs, and to provide support that our member countries and businesses need” said Dmitry Pankin, BSTDB President.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution mandated to support the economic development and regional cooperation in the Black Sea Region through trade and project finance lending, guarantees, and equity participation in private enterprises and public entities in member countries. BSTDB has been developing cooperation with Ardshinbank since 2012, having provided SME loan facilities for a total amount of USD 35 million.

Ardshinbank is leading bank from Armenia with large branch network. The SME share of the Bank’s outstanding portfolio amounts to 15%, corporate loans – 46%, and micro and retail loans – 39%. It is the first still the only private entity from Armenia who is present in international capital markets. At the beginning of the year Ardshinbank issued first index eligible USD 300 million Eurobonds.
Ardshinbank is controlled by the Central Bank of the Republic of Armenia.-0-

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