Tuesday, December 25 2012 19:43

ARARATBANK sings a USD10 million agreement with responsAbility Global Microfinance Fund


ArmInfo. ARARATBANK attracted USD 10 million from responsAbility Global Microfinance Fund to promote micro, small and medium business financing in Armenia.

The press service of ARARATBANK reports that financing will be provided with a maturity of 3-5 years and at the annual interest rate of 12-14%. Production, trade, service as well as agricultural business projects will be financed within the framework of the program. We'd like to mention that SME share in the credit portfolio makes 25%.

ResponsAbility Social Investments AG is one of the world's leading asset managers for social investments with assets under management of more than USD 1 billion. ResponsAbility is committed to being a client-focused investor.

ResponsAbility is headquartered in Zurich (Switzerland). Through financing activities ResponsAbility is present in around 75 emerging markets. It is supported by renowned Swiss financial institutions and a social venture capital company.

ARARATBANK is one of the leaders in the field of micro and small business lending in Armenia, offering state-of-the-art lending instruments to its customers as well as enabling them to receive affordable and competitive financing.

According to ArmInfo's Ranking of Commercial Banks of Armenia, as of Oct 1 2012 ARARATBANK's loan book made up AMD 66.4 billion (81.3% more than on Oct 1 2011 and 36.1% more than Jan 1 2012). Of this sum AMD 21.8 billion was lent to SMEs (50% and 32.4% respective growths). In Jan-Sept 2012 the bank's net profit made up AMD 2.8 billion (66% more than a year before).
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