The OPEC Fund for International Development (OFID) and Aneriabank have signed a $20 million loan agreement, the largest OFID loan provided in Armenia.

The loan will be provided for a period of seven years and will be targeted at funding small and medium-sized enterprises (SME) that provide for 35-40 percent of Armenia's GDP, Ameriabank said in a statement.

“Ameriabank appreciates establishment of partner relations with OFID. Attraction of new funds will provide an opportunity to increase lending to SMEs, to ensure long-term financing and will significantly contribute to the expansion of their operations. This will increase competitiveness in this sector, will create new jobs and contribute to the development of Armenia's economy,” said Artak Hanesyan, Ameriabank General Director.

By expanding cooperation with the authoritative international agencies and as a result of effective cooperation, Ameriabank has attracted financial resources amounting to $320 million.