YEREVAN. – Ardshininvestbank (ASHIB) of Armenia and the Black Sea Trade and Development Bank (BSTDB) on Tuesday signed a second loan agreement aiming at provision of funds equivalent of USD 10 million for small- and medium-sized enterprises (SMEs) on-lending in Armenia. Thus, the total funding provided by BSTDB to ASHIB will amount to USD 18 million. 

“This is the second operation between Ardshininvestbank and BSTDB, which speaks of the mutual trust that was 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 the development of SMEs, especially in the real sector of the economy, 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 capital city Yerevan.

The operation builds up on the successful cooperation between the two banks started in 2012, when BSTDB extended a loan for mortgage financing.

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