Tuesday, November 4 2014 18:26

Black Sea Trade and Development Bank provides a USD 10 million loan to Ardshininvestbank


ArmInfo. The Black Sea Trade and Development Bank (BSTDB) is providing a USD 10 million loan to Ardshininvestbank (ASHIB), a leading bank in Armenia, to facilitate financing of Armenian small- and medium-sized enterprises (SMEs), reports the BSTDB's External Relations and Communications Department

"This is the second operation between Ardshininvestbank and BSTDB, which speaks of the mutual trust established between our institutions. The proceeds of the new loan will be channeled to the financing of local SMEs as ASHIB's target group of customers. ASHIB will continue its strategy of contributing to the fostering of the SME sector in the Republic of Armenia by providing long-term loans on competitive terms", said Mher Grigoryan, Chairman of the Management Board of Ardshininvestbank.

"Supporting small- and medium-sized enterprises is BSTDB's strategic priority in Armenia agreed with the Government. The new facility will enhance the competitiveness of Armenian SMEs in the current economic setting when access to finance remains constrained", said Ihsan Ugur Delikanli, BSTDB President, at the loan signing ceremony in Yerevan.

The operation builds up on the successful cooperation between the two banks that started in 2012, when BSTDB extended a loan for mortgage financing. The total funding provided by BSTDB to ASHIB will amount to USD 18 million.

Since the start of its operations in 1999, BSTDB has cumulatively disbursed EUR 120 million in Armenia, largely focused on SME sector development.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term "A-" by Standard and Poor's and "A2" by Moody's. For information on BSTDB, visit www.bstdb.org.

Established in 2002, Ardshininvestbank is one of the leading banks in Armenia and has a large distribution network with over 55 branches all over the country and a strong SME customer base.
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