YEREVAN, March 12. /ARKA/. The Eurasian Development Bank (EDB) will provide Armenia-based Areximbank-Gazprombank Group with a $10 million loan for on-lending to small and medium-sized businesses. The agreement to that end was signed today in Yerevan by Areximbank-Gazprombank Group chief executive officer Armen Khandkaryan and EDB deputy chairman Dmitry Zhurba.
"The agreement with the Eurasian Development Bank will increase the bank’s resources to finance small and medium-sized businesses," Armen Khandkaryan said during the signing ceremony. Khandkaryan said in the person of Areximbank-Gazprombank Group  EDB has acquired a reliable and ambitious partner in Armenia. He said the loan resources  will be on-lent at an interest rate of 12-13% to small and medium companies dealing with various businesses except for companies engaged in production of alcohol and tobacco products and mining.
Dmitry Zhurba said  EDB attaches great importance to supporting small and medium-sized businesses in Armenia which make the basis of its socio-economic development.
"This loan demonstrates EDB’s confidence in the strategy and prospects of Areximbank-Gazprombank Group. It will be channeled into  expanding the range of services provided to small and medium businesses,"  he said.
Areximbank-Gazprombank Group (formerly Areximbank) was established in 1998 to handle financial flows between Armenia and Russia. It is a principled member of VISA International and MasterCard International payment systems. In 2007 it joined Armenian ArCa payment system. The bank is owned fully by Russian Gazprombank.
EDB was created by Russia and Kazakhstan in January 2006 to facilitate the development of market economies, economic growth and the expansion of trade and other economic ties in its member states by carrying out investment activities. Its authorized capital is more than $ 1.5 billion. Its members are Russia, Kazakhstan, Armenia and Tajikistan. Armenia has been cooperating with EDB since April 2010. Since then it has provided $60 million worth loans to Armenia’s financial institutions.-0-