ARARATBANK has signed a $15 million loan agreement with the European Fund for Southeast Europe (EFSE), Chairman of the Executive Board of ARARATBANK Ashot Osipyan told reporters.
According to him, this cooperation will give an opportunity to expand lending and promote sustainable development of micro and small businesses in Armenia.
He noted that ARARATBANK and EFSE have been cooperating since 2010 and during this period the Armenian side received over $63 million from its partner, which was used for lending to micro and small businesses. More than 2,000 entrepreneurs have benefited from this program for over nine years.
According to him, the bank also received a technical assistance, new technologies that raise the bank's work to a new level.
From the EFSE, the bank has received new technologies on risk management, audit, and responsible finance.
"I can say with full conviction that today the biggest advantage of ARARATBANK is the technology that meets international requirements," Osipyan noted.
Under the current loan agreement, ARARATBANK will receive $15 million from EFSE, which will be used for lending to micro and small businesses. Thus, in addition to financing, the bank will provide technical assistance to enterprises in order to ensure their competitiveness in the market.
"We will develop every field of Armenia's economy,” he said.
Chairman of the EFSE Board Christoph Tiskens, in his turn, noted that Armenia's economy is developing in the right direction, but it still needs support, so EFSE is trying to ensure this support by cooperating with ARARATBANK .
