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Friday, October 19, 2018

EIB lends Armenia $61.4 million to aid SMEs

The European Investment Bank (EIB) said Friday that it will be lending $61.4 million to projects to help Armenian small and medium-size enterprises (SMEs).

The Central Bank of Armenia will be the focal point of the loan, which then will distribute funds to intermediaries that will work with the smaller projects with the specifics of lending funds. The vice president of the EIB, Wilhelm Molterer, said this was the first loan of this type to be given to the Armenian banking system and praised the cooperation between the financial institutions.

”This loan to SMEs will complement our long-term fruitful cooperation and increase the EIB’s role in the sustainable development of the Armenian economy,” Chairman of the Central Bank of Armenia Arthur Javadyan said.

The EIB said SMEs in the country make up many of the businesses, but they do not have the impact on the country's macroeconomics that is expected, nor do they have a large impact on employment figures and measures of trade.

Organizations in this Story

European Investment Bank

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