YEREVAN.- The Asian Development Bank (ADB) has approved loans of $65 million to small and medium-sized business sector in Armenia.

The funds will be distributed among the four banks - ACBA Credit Agricole, Ardshininvestbank, Ameriabank and Inecobank for a period of 5 years, says press release issued by ADB.

“This is the first ADB initiative to promote SMEs in Armenia, and its largest initiative to-date in support of Armenia’s financial sector. The program will provide the four banks with vital medium-term funds needed to reach more SMEs,” said David Dole, Resident Representative in Armenia.

The loan program has a number of innovative features, including requiring a minimum amount of loans to be provided to businesses outside the capital, Yerevan.

Banks in the program have also voluntarily agreed to provide data on the gender attributes of SME borrowers to get a clearer picture of lending practices to SMEs owned or managed by women, with a view to improving gender equity.