ArmInfo. The Eurasian Development Bank (EDB) provided ARARATBANK with a $ 6 million loan for financing MSB in Armenia. Managing Director of EDB Dmitry Ladikov-Roev and Chairman of the Board of ARARATBANK Ashot Osipyan signed the corresponding loan agreement for Assets and Liabilities.
In accordance with the agreement, the funds provided by the EDB are aimed at supporting microfinance through the opening of targeted loan lines to financial institutions.
"I am glad to sign a new agreement, which will strengthen and expand our cooperation with the EDB. The funds raised under this agreement will make it possible to offer our MSB clients more affordable and competitive loan products and contribute to the development of the Armenian economy," A. Osipyan said.
"ARARATBANK and EDB already have successful work experience. Together with ARARATBANK in 2012, we started implementing a microloan program in Armenia. We believe that the implementation of the project will contribute to the creation of favorable conditions for the sustainable development of micro and small businesses, the development of a competitive environment and thereby the growth of production, the expansion of the range of goods and services, and the improvement of product quality. Thus, through the support of micro and small businesses, it will be possible to achieve a significant effect of the development of Armenia's market economy," D. Ladikov-Roev stated.
ARARATBANK is one of the leading banks in the field of MSB lending in Armenia and is in the top five in terms of lending. In 2017, ARARATBANK significantly increased its lending to IMB by 16.3%. In order to finance this sphere, ARARATBANK uses the best European lending technologies.
