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Wednesday, March 20, 2024

ARDSHININVESTBANK - ARMENIA: Ardshinbank and Black Sea Trade and Development Bank sign $ 20 million loan agreement

Ardshininvestbank - Armenia issued the following announcement on March 26.

Ardshinbank has attracted $ 20 million from the Black Sea Trade and Development Bank (BSTDB) for the 5th credit resource to support small and medium-sized enterprises (SMEs) in Armenia. This transaction demonstrates the close cooperation between the two banks and the common goal of supporting the SME sector.

“We highly appreciate the long-term cooperation with the BSTDB. Nowadays, when businesses, especially small and medium-sized businesses, are faced with economic problems, this opportunity for Armenian enterprises to finance is more vital than ever. We are ready to assist SMEs to quickly resolve problems that are exacerbated by the current emergency, "said Ardshinbank's Chairman Artak Ananyan.

The loans have been provided for a period of 5 years, which will enable Ardshinbank to carry out medium-term lending to finance the needs of the small and medium enterprises.

“In these difficult times, BSTDP is joining the efforts of our member states to prevent the spread of coronavirus and its impact on human lives, societies and economic activity. Given the current critical conditions and changes in risk and liquidity markets, the Bank continues to stand by the most vulnerable sectors of companies, SMEs and provide the support we need to our member countries and businesses, "said DBP President Dmitry Pankin.

The Black Sea Trade and Development Bank is an international financial institution created to promote economic development and regional cooperation between member states through private and public sector financing and financing of projects, through the provision of loans, guarantees and acquisitions. To date, the Bank has attracted USD 35 million in lending to SME lending programs.

Ardshinbank is one of the leading banks in Armenia with a wide branch network.

The share of SME lending in the bank's loan portfolio is 15%, corporate loans 46%, micro and retail loans 39%. The Bank is still the first and only private entity in Armenia to issue Eurobonds in international capital markets. At the beginning of 2020, the volume of issuance of Eurobonds was $ 300 million.

Original source can be found here.

Source: Ardshininvestbank - Armenia