The European Bank for Reconstruction and Development (EBRD) is continuing to  support RA national currency financing, having extended a  USD 5mln equivalent synthetic loan in AMD to Converse Bank for on-lending to micro, small and medium-sized enterprises (MSMEs).

"The loan will allow small and medium enterprise to finance in national currency which will keep the SME’s free of the exchange rate risks attributable to lending in foreign currencies. The loan makes USD5mln but it will be fixed as a money debt", said Converse Bank CEO, Chairman of Board Tigran Davtyan.

The lending will be provided from 13%, the short-term lending may have lower interest rate. The loan maturity period is 5 years.

The loan will be distributed within 2013.

Tigran Davtyan noted that the bank currently provides loans to SME in AMD and USD which short-term lending starts from 8%.

 "The loan is in line with the strategy pursued by the EBRD in Armenia which highlights the support of the private sector to especially micro, small and medium enterprise. So far, we have had effective cooperation with Converse Bank and I am sure that this one will also be productive", noted Head of the EBRD Yerevan Office Valeriu Razlog.