YEREVAN, November 11. / ARKA /. Armenian Armeconombank ojsc and BlueOrchard Microfinance Fund LLC, an investment company located in Grand Duchy of Luxembourg, signed a $3 million loan agreement, proceeds from which will be used for on-lending to and development of micro and small businesses in Armenia.

According to a press release by Armeconombank, it has been cooperating with BlueOrchard Microfinance Fund LLC since 2010 when the latter played a role of B-loan's participant in the 10 million US Dollars' syndicated loan extended to Armeconombank.

BlueOrchard was founded in 2001 at the initiative of UN as the first commercial manager of microfinance debt investments worldwide. The company offers premium investment solutions to qualified investors and provides debt and equity financing to institutions in emerging and frontier markets.

With its activities across 60 countries, throughout more than 15 years of history BlueOrchard is a pioneering impact investor which has fostered inclusive growth while providing attractive returns for investors.

At the end of September, Armeconombank’s share capital stood at 2.3 billion drams. The bank’s assets were worth 99.5 billion drams; its liabilities stood at 88.6 billion dram, the capital – at 10.9 billion and credit investments- at 54.4 billion drams.

Armeconombank was registered in 1991. Its shareholders are EBRD (20%), Saribek Sukiasyan (22.6%), Khachatur Sukiasyan (19.5%) and Robert Sukiasyan (15.3%). The bank runs 19 branches in Yerevan, 20 in provinces and a branch in the Nagorno-Karabakh Republic.-0-