The Black Sea Trade and Development Bank (BSTDB) and Armenian Economy Development Bank (Armeconombank) signed a USD 10 million SME loan agreement.

The bank noted that according to the agreement, Armeconombank will receive the first tranche of financing this year.

Armeconombank will use the BSTDB facility to fund its sub-loans to Armenian small and medium-sized companies to finance projects and investment programs.

“Supporting the SME sector development through cooperation with IFIs is one of Armeconombank’s strategic priorities in Armenia,” the press release reads.

Armeconombank has been cooperating with BSTDB since 2008 - more than eleven years, during which Armeconombank has raised two facilities for on-lending to Armenian SMEs.