Yerevan/Mediamax/. ARARATBANK attracted a syndicated loan amounting to $12 million to finance small and medium enterprises.

Executive Director of the bank, Ashot Osipyan, said today that the European Bank for Reconstruction and Development (EBRD) participates in the syndication. ARARATBANK attracts $3 million from EBRD and the rest $9 million will be allocated by the Russian Promsvyazbank, Belgian VDK Spaarbank and Lebanese Byblos Bank.

“This is the first case for the bank that the loan is attracted directly from commercial banks. It is a significant acquisition for ARARATBANK. It increases our rating on the international credit market and allows us to expand crediting,” Ashot Osipyan said.

The bank will use the credit to offer loans with 9% interest rate to exporters and manufacturers aimed at import substitution, and the rest small and medium enterprises will be credited by the average interest rate of the bank- 13%.

The head of EBRD Loan Syndications Department, Lorenz Jorgensen, said that ARARATBANK was chosen because of its advanced positions in SME crediting, strong management and good reputation.