Yerevan/Mediamax/. During the annual meeting of European Fund for Southeast Europe (EFSE) in Tirana, ARARATBANK Executive Director Ashot Osipyan and Chairman of EFSE Board of Directors Klaus Glaubitt signed a new $10mln loan agreement for financing Armenian small and micro business.

According to Osipyan, this is already the second program realized jointly with EFSE.

“Already today, the cooperation of the bank with such a competent partner may be described as successful. Since October 2010, when the $5mln loan agreement was signed, we have on-lent funds to micro and small businesses for approximately 110 credit projects,” ARARATBANK Executive Director noted.

The volume of credit investments of ARARATBANK in 2010 grew by 57%, and in the first quarter of 2011- by 15%.