Yerevan/Mediamax/. Today, Armeconombank and the European Bank for Reconstruction and Development (EBRD) signed a $6mln loan agreement for the financing of macro, small and medium enterprises.

Head of EBRD Yerevan Office Valeriu Razlog said today that the credit is allocated for a period of 5 years, Mediamax reports.

“This loan agreement is vital, as it meets EBRD’s strategy for Armenia- to promote the SME sector,” he said.

According to him, within the framework of the agreement, EBRD will render technical assistance to Armeconombank to credit new businesses and provide small agricultural loans.

In his turn, Chairman of the Executive Board of Armeconombank Armen Naljyan especially highlighted the fact that the funds are attracted in Armenian currency and are free of currency risks.

“We will continue the process of involvement of funds from our colleagues in Armenian drams,” Armen Naljyan said.

Introducing the conditions of the credit, Chairman of the Executive Board of Armeconombank noted that the credit will be provided by the Microloan Department, and the annual rate starts from 14%.