The Black Sea Trade and Development Bank (BSTDB) announced on Wednesday that it will provide a corporate loan of $10.2 million to SAS Group LLC, one of Armenia's leading retail companies.

The seven-year loan will finance the SAS Group's investment program, which includes expansion of its supermarket chain, the launch of an online supermarket and modernization of bakeries and/or kitchen facilities at four existing stores.

"We are pleased to support SAS Group, an Armenian company committed to providing consumers with high-quality products and services," Andrey Kondakov, the president of BSTDB, said. "The SAS investment will benefit the Armenian economy by providing stable market outlets for the country's farming sector and new employment opportunities in trade and retail sectors."

Aram Sargsyan, the chairman of SAS Group, said the company has appreciated the financial support, professionalism and commitment of BSTDB. The relationship between SAS Group and BSTDB began in 2008.

"Thanks to BSTDB's efficient cooperation we afforded to implement our strategic development projects and to expand our business making it more efficient and competitive," Sargsyan said.

BSTDB is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey and Ukraine.