ArmInfo. Ardshinbank and Black Sea Trade and Development Bank (BSTDB) signed the third loan agreement. Under the agreement further USD 10 million will be channeled to support small-and medium-sized enterprises (SMEs) in Armenia, the press office of Ardshinbank has told ArmInfo.
The SME is a very important sector for the development of the economy, export and job creation in Armenia. Thus, Ardshinbank will continue implementing its strategy to ensure available finance for SMEs. Under the project the bank will extend loans to its SME customers with rates starting from 11%.
According to the Financial Rating of Armenian Banks prepared by the Agency of Rating Marketing Information (ArmInfo), Ardshinbank increased SME lending almost 2-fold to 39.2 bln AMD in Q1 2016, loans to SMEs account for 12.4% of the bank's credit portfolio versus 7% at the beginning of the year. The total loan portfolio of the bank has increased by 26% over year, reaching 315.1 bln AMD as of April 1, 2016 (68.3% of the assets), the bank holds the second position by this parameter. By its branch coverage the bank holds the 3rd position, it has 55 branches, 13 of which are located in Yerevan, 36 in all the regions of Armenia and 6 in Nagorno Karabakh. Ardshinbank is the only private entity in Armenia that issued Eurobonds in the
international financial market and has ratings from two international major rating agencies (Moody's and Fitch) equal to the rating of Sovereign.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by eleven countries of the Black See region. The 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.