Yerevan/Mediamax/. European Bank for Reconstruction and Development (EBRD) presented “Anelik Bank” with a USD 6mln loan for small and medium enterprise (SME) funding.

Mediamax reports that the corresponding agreement was signed in Yerevan today by the Head of EBRD Yerevan Office Valeriu Razlog and the Chairman of “Anelik Bank” Board of Directors Samvel Chzmachyan.

Samvel Chzmachyan stated that the loan is provided with five years repayment term. With the use of EBRD loan means, starting from October 2, “Anelik Bank” will start financing small and medium enterprises, functioning in various sectors of economy.

“The maximum size of one credit, issued by EBRD program, can make USD 500 thousands and the repayment term – up to 5 years”, Samvel Chzmachyan stated, noted that annual credit interest rates will make 12-17%, depending on a particular credit.

According to Valeriu Razlog, the total volume of EBRD investments in Armenia this year will make about €60mln, about half of which is directed at SME funding through the banking sector. “At present, about €20mln from the funds, meant for SME, have already been placed”, Valeriu Razlog stated, adding that by the end of the year they expect signing of new contracts on placement of the remaining €10mln.