Yerevan/Mediamax/. International Finance Corporation (AFC) and “Armeconombank” signed a crediting agreement today at the sum of USD 10mln for financing of small and medium enterprise (SME).

USD 5mln is provided by the corporation and other USD 5mln will be raised by IFC from the Netherlands International Development Company (FMO).

Mediamax reports that the corresponding agreement was signed today by the Chairman of “Armeconombank” Board of Directors Armen Naljian and the Coordinator of IFC Armenian representative office’s investment programs Arman Barkhudaryan.

Armen Naljian informed that due to these resources, the bank will provide small and medium enterprises, functioning in trade, industry and the sphere of services, with credits for the term of 3-5 years at the annual interest rate starting from 12%.

Armen Naljian noted that at present the bank’s credit portfolio makes 28.2bln AMD (USD 78.3mln), about half of which falls on the share of SME credits.