The EDB provides US $6 million to ARARATBANK to finance MMEs in Armenia

11 July 2018

The Eurasian Development Bank (EDB) and ARARATBANK signed a loan agreement to finance a microlending programme in Armenia.

The signatories were Dmitry Ladikov-Roev, Managing Director for Assets and Liabilities at the EDB, and Ashot Osipyan, Chairman of the Executive Board at ARARATBANK.

Under the agreement, the EDB will provide US $6 million to ARARATBANK to support microlending by opening targeted loan facilities for financial institutions.

“I am happy to sign this new agreement, which will strengthen and enhance our cooperation with the EDB. The funds extended under the agreement will help us to offer our MSE clients more affordable and competitive loan products and make a contribution to the development of Armenia’s economy,” Ashot Osipyan commented.

“ARARATBANK and the EDB have cooperated successfully already. In 2012, we launched a joint microlending programme in Armenia. We believe that this project will help to foster the sustainable development of micro and small enterprises, enhance the competitive environment and thereby stimulate production, expand the range of goods and services, and improve the quality of products. By supporting micro and small businesses, Armenia will achieve a significant effect in developing its market economy,” Dmitry Ladikov-Roev, Managing Director for Assets and Liabilities at the EDB, added. 

Additional Information:

The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.

The EDB Media Centre:

Alexander Savelyev +7 (985) 765 23 59 (Moscow)                    

Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)

Sergey Gorbachev +7 (916) 727 22 00 (Moscow)             

Additional Information:

ARARATBANK is one of the leading lenders to micro and small enterprises in Armenia and one of the country’s top five banks in terms of the amounts of lending. In 2017, the bank increased its lending to MSE by 16.3%. ARARATBANK makes use of the best European lending technology to finance this sector.

ARARATBANK’s Press Service:

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