The Eurasian Development Bank (EDB) and ARARATBANK signed a loan agreement to finance a microlending programme in Armenia.
The signatories were Dmitry Ladikov-Roev, Managing Director for Assets and Liabilities at the EDB, and Ashot Osipyan, Chairman of the Executive Board at ARARATBANK.
Under the agreement, the EDB will provide US $6 million to ARARATBANK to support microlending by opening targeted loan facilities for financial institutions.
“I am happy to sign this new agreement, which will strengthen and enhance our cooperation with the EDB. The funds extended under the agreement will help us to offer our MSE clients more affordable and competitive loan products and make a contribution to the development of Armenia’s economy,” Ashot Osipyan commented.
“ARARATBANK and the EDB have cooperated successfully already. In 2012, we launched a joint microlending programme in Armenia. We believe that this project will help to foster the sustainable development of micro and small enterprises, enhance the competitive environment and thereby stimulate production, expand the range of goods and services, and improve the quality of products. By supporting micro and small businesses, Armenia will achieve a significant effect in developing its market economy,” Dmitry Ladikov-Roev, Managing Director for Assets and Liabilities at the EDB, added.
Original source: EDB
Published on 11 July 2018
