Araratbank attracts $20 million from Dutch FMO

27.04.2018 20:49
Araratbank attracts $20 million from Dutch FMO

YEREVAN, April 27. /ARKA/. The Yerevan-based Araratbank said today it will receive a $20 million loan from the Dutch Development Bank (FMO), which it will channel into retail lending, including women entrepreneurs, as well as will finance projects of young businessmen below the age of 35.

The size of loans to be provided to SMEs may reach up to $1 million. Young people under the age of 35 will receive financing both for the implementation of their start-up projects, and as part of educational and mortgage programs. The loan repayable term is up to 7 years.

"I am confident that these funds will be profitable for the Armenian economy, especially that part of the loan is designed for financing young business people," said the Chairman of Araratbank Board Ashot Osipyan.

According to Linda Brokoizen, CEO of the Dutch FMO Bank, the successful cooperation with Araratbank has contributed to the consistent development of the Armenian economy. "This new funding program will help young businessmen and women entrepreneurs, as well as expand the availability of financial services in the country," she said.

FMO is a Dutch Development Bank, which has been investing in the economies of developing countries for 46 years. FMO, which has invested 9.2 billion euros in about 90 countries, is one of the largest organizations in the world that stimulates the development of the private sector.

Major shareholders of Araratbank are Flash LLC with 64.24% share, EBRD with 25.00% share and Rural Impulse Fund with 10.00% share. The Bank became a member of NASDAQ OMX Armenia on January 30, 2009. The Bank is also a Regulated Market Settlement system member, Depository System Account Operator and Pension Account Operator.

As of March 31, 2018, Araratbank's lending stood at 117.5 billion drams, of which 45% was lending to SME. The bank’s total assets amounted to 211.1 million drams, liabilities – to 175.2 million drams, total capital – to 36 million drams, and profit – to 903 million drams. ($ 1 - 481.96 drams). -0-

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