Eurasian Development Bank and Armenian Ardshininvestbank have signed a loan agreement in Moscow on November 11.

Loan proceeds in amount of USD 10 million will be channeled to the financing of projects implemented by small- and medium-sized enterprises in all regions of the Republic of Armenia. The selection of clients will be made according to criteria agreed with EADB.

The completion of the project will contribute to the creation and development of favorable conditions for sustainablegrowth of small- and medium-sized businesses, enhancement of competitive environment and improvement of competitiveness of SMEs in internal and external markets.

“I highly value the fact, that the funds provided by EADB will contribute to the development of Armenian private sector due toincreased access to long-term financing for SMEs. Today EADB unites its forces with one of the largest financial institutions which has strong positions in the local market and serves among other clients small-, micro- and medium-sized enterprises. Signing of this agreement is a good start for cooperation between EADB and Ardshininvestbank which will certainlyhave tendency to strengthen and evolve,” said Mher Grigoryan, Chairman of the Management Board of Ardshininvestbank.

“Development of small- and medium-sized enterprises is a key condition for overall development of economy, and we are confident that this project will have a positive impact on this process, - mentioned Dmitry Krasilnikov, Deputy Chairman of the Management Board of EADB, -moreover according to EADB’s strategy for 2013-2017 the financing of banking sector for on-lending to SMEs is one of the priority directions of the Bank’s investment activity in Armenia”.