Armeconombank and the Dutch Development Bank (FMO) have signed an USD 20 million loan agreement, Armeconombank (AEB) announced.

“This loan agreement fits with FMO’s strategy to reduce inequalities. Armeconombank will on-lend the raised amount to underserved clients, i.e. Micro Enterprises, Women and Young Clients, which will contribute to the development of Armenia’s economy,” said Linda Broekhuizen, Chief Investment Officer at FMO.

The two banks cooperate since 2010.

“Throughout three decades Armeconombank OJSC has emphasized the importance of cooperation with international organizations, the evidence of which is the comprehensive partnership record with first class IFIs witnessed by the successful projects and the level of trust towards the bank,” said Aram Khachatryan, CEO of AEB.

As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs.

FMO has a more than 45-year proven track-record of empowering people to employ their skills and improve their quality of life.