The Black Sea Trade and Development Bank (BSTDB) announced on Tuesday that it would be providing Ardshininvestbank (ASHIB), one of the leading banks in Armenia, with $10 million to support small- to medium-sized enterprise.
This will be the second time an agreement between the two banks will be formed, exemplifying mutual trust between them. Both institutions agree that support for enterprises on a smaller scale should be a priority, strategically speaking.
"This is the second operation between Ardshininvestbank and BSTDB, which speaks of the mutual trust established between our institutions," Chairman of the Management Board for ASHIB Mher Grigoryan said. "The proceeds of the new loan will be channeled to the financing of local SMEs as ASHIB’s target group of customers. ASHIB will continue its strategy of contributing to the fostering of the SME sector in the Republic of Armenia by providing long-term loans on competitive terms.”
According to BSTDB President Ugur Delikanli, the support for enterprises in Armenia will facilitate competition and improve economic conditions.
The two banks' cooperative efforts began in 2012 when ASHIB was the recipient of a mortgage financing loan from BSTDB. The total amount ASHIB has received stands at $18 million.