YEREVAN, January 12. /ARKA/. Armenia-based Araratbank said today it has signed a $10 million loan agreement with German Deutsche Investitions und Entwicklungsgesellschaft mbH.

According to a press release, placed on Araratbank’s official website, this is the second loan agreement signed with the German lending organization. The new loan will be used to provide long-term financial resources to local small and medium-sized companies.

The bank also said that $1 million of the loan will be channeled into German companies operating in Armenia.

The first loan agreement with DEG to the tune of $10 million Araratbank concluded in 2015.
Araratbank is owned by Flash oil trader (64.25%) EBRD (25%) and RURAL IMPULSE FUND II SA SICAV SIF (10%). It joined NASDAQ OMX Armenia stock exchange in 2009 January. -0-