Converse Bank and the Eurasian Development Bank (EDB) have signed an USD 6 million agreement. These funds will be used to finance Micro and SME lending in Armenia, the bank said.

“By signing this agreement we are announcing the beginning of a long-term cooperation with EDB.

This program will expand our financing in the real sector by supporting the micro, small and medium enterprises development.

MSMEs have the remarkable ability to fuel economic growth. They create many new job opportunities, drive innovation and expand the tax base. MSMEs play a significant role in the rapid industrialization and development of the country,” explained Grant Akopian, CFO of Converse Bank.

EDB is an international financial organization, which was founded in 2006 to assist the economic growth and intensification of trade relations of member countries and to further the integration processes. Russia, Kazakhstan, Armenia, Tajikistan, Belarus and Kyrgyzstan are full members of EBD.

Converse Bank is one of the leading banks in Armenia offering universal banking services to individuals and corporate customers. Micro and SME financing is one of the main strategic priorities of the bank.