Armenia-based Ardshininvestbank received the first credit tranche of $3 million under the loan agreement signed with the Asian Development Bank in early December 2011.

The funds will be used for financing small and medium-sized enterprises as the Bank’s main target group.       

Mher Grigoryan, Chairman of the Management Board of Ardshininvestbank, stated that: “the remaining $12 million will be utilized for lending to small and medium-sized enterprises in 2012.”

“Actually the whole branch network of the Bank will be involved in this process, providing sub-loans with the interest rate from 12% per annum with a tenor of up to 5 years,” he said.