YEREVAN, December 9. /ARKA/. Armenian Ardshininvestbank and the Asian Development Bank have signed a $15 million loan agreement December 8, Ardshininvestbank said today adding that the new funds will be channeled into financing small and medium-sized enterprises in Armenia. According to an Ardshininvestbank press release, the parties had earlier signed trade finance agreement in March, 2011.

Mher Grigoryan, Chairman of the Management Board of Ardshininvestbank was quoted as saying that “intensifying cooperation with Asian Development Bank is an important event for Ardshininvestbank.’

“In its turn enhancing relations with small and medium-sized businesses is a strategic priority for the bank. In fact branch network of the bank overall is involved in servicing and financing of small and medium-sized clients. The cost of this funding together with potential arrangements with other donors will help the bank to offer more attractive pricing for lending to this targeted group.”

Special emphasis will be put on promotion of women-owned and managed enterprises aiming at decreasing of gender discrimination and creating of equal conditions for women entrepreneurs.

Ardshininvestbank has 49 branches throughout Republic of Armenia, 6 branches in Republic of Nagorno-Karabakh and a representation office in Paris.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members -- 48 from the region. -0-