Eurasian Development Bank provides Ardshinbank with USD 20 million to support SMEs

YEREVAN, September 7, /ARKA/ The Eurasian Development Bank (EDB) has granted Ardshinbank a credit line in the amount of USD 20 million for a period of 3 years to provide financial support to the country’s small and medium-sized businesses. A relevant agreement was signed on September 7, 2021 by EDB Management Board Chairman Nikolay Podguzov, and Ardshinbank Management Board Chairman Artak Ananyan.
“Close interoperability with the Eurasian Development Bank has since long been a good tradition for us. Intended for the SME sector, the first USD 10 million-worth arrangement was signed back in 2014. In 2017 the EDB provided Ardshinbank with USD 20 million to finance foreign trade operations and support and finance private Armenian enterprises operating in the territory of the Eurasian Economic Union.
Those funds contributed to the improvement of the socio-economic situation in the country, having raised the employment level in small and medium businesses.
The new loan in the amount of USD 20 million will serve as another strong impetus in terms of expanding Ardshinbank’s small and medium-sized business support capabilities,” Ardshinbank Management Board Chairman Artak Ananyan said during the signing ceremony. Highly appreciative of the current status of interaction with the EDB, he noted in particular that the EDB has a reliable and strategic partner in Armenia’s financial market in the face of Ardshinbank.
“We will continue to move towards both expanding the loan and involving our bank in new programs covered by the EDB’s regional strategy,” Artak Ananyan said.
In turn, EDB Management Board Chairman Nikolay Podguzov emphasized that the EDB seeks to create SME-friendly environments in EDB-member countries, considering that the SME sector plays a pivotal role in small economies.
This new arrangement signed with Ardshinbank will take to USD 171 million the overall volume of EDB investments in Armenia’s financial sector, and these funds will help propel the country’s socio-economic development, since the emergence of new companies and thriving entrepreneurship implies new jobs, new export opportunities and growth of related industries and infrastructure.
“As a vivid evidence of EDB’s confidence in the strategy and prospects of Ardshinbank, this loan will help expand the range of banking services provided to small and medium – sized businesses,” the Eurasian Development Bank Management Board Chairman underscored.
Ardshinbank is supervised by the Central bank of the Republic of Armenia. -0-