YEREVAN, March 12. /ARKA/. Eurasian Development Bank (EDB) is determined to double its portfolio in Armenia, EDB deputy chairman Dmitry Zhurba said on Monday.

He also said that at present financial institutions of Armenia are slated to receive $54 million. Another $30 million will be allocated for direct lending to Armenian commercial enterprises, and bearing in mind the agreement signed today between EBD and Areximbank-Gazprombank Group on $10 million loan, the total amount of loan makes up $100 million.

EBD and Areximnak-Gazprombank Group CJSC signed earlier today a $10- million loan agreement for on-lending to small and medium-sized businesses.

Speaking about investment climate in Armenia, Zhurba noted that there were quite many international deals on entering Armenian enterprises’ equity in the country.
“On this basis, the investment climate becomes definitely warmer,” he said.

The number of bank, operating today in Armenia, is optimal from competition angle, Zhurba answered the question by  ARKA agency.

“Bank margin is falling, struggle for a client is going on. This is great,” he said.
There are 21 banks in Armenia.

EDB was founded 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. The bank finances projects in its member-states, worth a total of $2.6 million. Its members are Russia, Kazakhstan, Armenia and Tajikistan. Armenia has been cooperating with EDB since April 2010. —0--