YEREVAN, July 1. /ARKA/. The Asian Development Bank (ADB) and the Armenian Armeconombank OJSC signed a $15 million loan agreement to increase lending to micro, small and medium-sized businesses owned by women in Armenia, especially in regions outside Yerevan.
“We are very pleased to cooperate with Armeconombank to support micro, small and medium-sized businesses. They have a significant impact on the Armenian economy and are especially important for women, as they provide greater inclusion and assistance to the economic development of the country,” said Christine Engstrom. ADB Director for Private Sector Financial Institutions, Private Sector Operations Department.
Micro and SME financing in Armenia is limited, especially for women-led enterprises. According to rough estimates, half of the 130 thousand micro and SMEs in Armenia do not have the opportunity to use commercial loans, and about 60-70% of them are rural businesses.
“Armeconombank’s rich experience in the micro and SME market, as well as supporting women-led enterprises, are particularly consistent with ADB’s goals and priorities in promoting private sector involvement and promoting gender programs in Armenia,” Paolo Spantigati, ABD Country Director for Armenia said.
“Armeconombank” has been listed on the Armenian Stock Exchange since 2002. The Bank has 49 branches in Armenia, 23 of which are located in the regions. Since 2011, Armeconombank has been an ADB partner bank under the Trade Finance Program.
ADB is committed to creating a prosperous, inclusive, sustainable and stable Asia and Pacific region, while continuing its efforts to eradicate extreme poverty. Founded in 1966, it includes 68 member countries, 49 of which are from the region. –0–
