MOSCOW. – The Eurasian Development Bank and Armenian Ardshininvestbank on Tuesday have signed a loan agreement in Moscow.

Loan proceeds in the amount of USD 10 million will be channeled to the financing of projects implemented by small- and medium-sized enterprises (SMEs) in all regions of Armenia. The selection of clients will be made according to criteria agreed with the EADB.

The completion of the project will contribute to the creation and development of favorable conditions for the sustainable growth of small- and medium-sized businesses, enhancement of competitive environment, and improvement of competitiveness of SMEs in internal and external markets.

“I highly value the fact that the funds provided by the EADB will contribute to the development of the Armenian private sector due to increased access to long-term financing for the SMEs. Today the EADB unites its forces with one of the largest financial institutions which has strong positions in the local market and serves among other clients small-, micro- and medium-sized enterprises. Signing of this agreement is a good start for cooperation between the EADB and Ardshininvestbank, which will certainly have a tendency to strengthen and evolve,” said Mher Grigoryan, Chairman of the Management Board of Ardshininvestbank.

“The development of small- and medium-sized enterprises is a key condition for the overall development of economy, and we are confident that this project will have a positive impact on this process,” noted Dmitry Krasilnikov, Deputy Chairman of the Management Board of the EADB. “Moreover, according to the EADB’s strategy for 2013-2017, the financing of banking sector for on-lending to the SMEs is a priority direction of the Bank’s investment activity in Armenia.”