YEREVAN, July 11. /ARKA/. The Yerevan-based Araratbank and the Eurasian Development Bank (EDB) signed a $6 million loan agreement today. The loan will be on-lent as micro loans to small and medium-sized businesses in Armenia.

The agreement was signed by the EDB Asset and Liabilities Manager Dmitry Ladikov-Roev, and the chairman of Araratbank Board Ashot Osipyan.

"I am happy to sign a new agreement that will consolidate and expand our cooperation with the EDB. The funds raised under this agreement will allow us to offer our customers more affordable and competitive loan products and contribute to the development of the Armenian economy," Osipyan said.
Ladikov-Roev noted that the EDB has a successful experience of working with Araratbank, having jointly launched micro crediting programs back in 2012.

"We believe that the implementation of this project will contribute to the creation of favorable conditions for the sustainable development of micro and small businesses, the development of a competitive environment and thereby the growth of production output, the expansion of the range of goods and services, and the improvement of product quality," said Ladikov-Roev.

According to him, support for micro and small businesses will produce a significant effect on the development of Armenia's market economy.

Araratbank, established in 1991 is owned by Flash oil trader (72.73%), EBRD (18.33 %%) and RURAL IMPULSE FUND II SA SICAV SIF -8.58%. ($ 1- 482.73 drams).

The Eurasian Development Bank is an international financial institution established to promote economic growth in its member states, extend trade and economic ties among them, and support integration in Eurasia through investment. The Bank was established in 2006. Its members are Russia, Kazakhstan, Armenia, Tajikistan, f Belarus and Kyrgyzstan.-0-