Yerevan/Mediamax/. European Fund for Southeast Europe (EFSE) allocated $10mln for “Converse Bank” to credit small and medium enterprise (SME).

Mediamax was informed in the press service of “Converse Bank” that signing of the corresponding agreement took place on June 9 in Macedonian Ohrid town at the general annual meeting of EFSE.

The bank noted that this is the first EFSE loan, provided to an Armenian financial structure. The loan is allocated for the term of 5 years.

According to Executive Director of “Converse bank” Tigran Davtyan, credits will be issued to small and medium enterprises and private entrepreneurs, involved in spheres of trade, service, processing industry, agriculture, etc.