The International Finance Corporation and the Black Sea Trade and Development Bank are helping Unibank expand access to financing for small and medium enterprises in Armenia.

IFC and BSTDB will each provide a loan of $5 million to help Unibank address the long-term financing needs of its SME clients, which often struggle to secure the funding they need to develop.

"The financial resources from international financial institutions such as IFC and BSTDB, support our strategy to become a loyal partner to our SME customers by offering them a wide range of banking services. Thanks to this cooperation, Unibank will get an opportunity to expand its lending program," Vardan Atayan, the chairman of the executive board of Unibank, said.

"Limited access to finance is a key constraint for the private sector, which is critical for creating jobs and the economic growth of Armenia," Thomas Lubeck, IFC's regional manager for the South Caucasus, said. "Our cooperation with Unibank will enable the bank to increase financial resources for businesses in a variety of sectors, leading to economic growth."

The IFC, through its Bank Advisory Program in Europe and Central Asia, will also support Unibank with advisory services aimed at improving risk management and credit processes.