Yerevan /Mediamax/. The European Bank for Reconstruction and Development extended a $10 million loan in three tranches to enable “VTB Bank Armenia” to offer credit to micro and small sized enterprises (MSEs) across the country.

As Mediamax was told in EBRD, the project will enable the creditworthy MSEs in Armenia have access to medium-term reliable sources of finance.

“Micro and small enterprises are the backbone for a developing economy. There is a significant unmet demand for MSE finance in the country”, said Chikako Kuno, Director of the EBRD’s Group for Small Business.

“With VTB Bank’s wide regional presence we hope to increase financial access for the rural, micro and small entrepreneurs in the country”, added Ms. Kuno.