YEREVAN, March 7. /ARKA/. Unibank said today it has completed the placement of the first issue of credit funds in the amount of $5 million as part of a program designed to support women’s entrepreneurship in Armenia.

According to a Unibank press release, over 500 business women have received loans for the development and expansion of their businesses. The program called "Women in Business" is being implemented by Unibank together with the Netherlands Development Bank FMO.

"The number of women, who confidently assume the reins of running various businesses is on the rise in Armenia. We have been convinced of the effectiveness of the program to finance women's business initiatives and noted the growing demand for our offer," said David Petrosyan, Unibank Board Member and Corporate Development and Sales Director.

According to him, Unibank actively supports small businesses and offers products specially designed for their needs.

According to a report by Grant Thornton International based on an annual survey of 5,500 businesses in 36 economies, 31% of highest positions in Armenia, almost one third, were held by women in 2017, up from 26% in 2016. By the end of 2018 this proportion rose to 32%.

Given the high interest of business women in this program, Unibank will continue cooperation with FMO, under which the Dutch bank will allocate a second issue of $5 million in the near future.

Heads of companies from various fields: trade, medicine and tourism, hotel and restaurant business, production and services may take advantage of preferential credit terms - the interest rate on the loan is 10.5% per annum.

According to Petrosyan, Unibank is enthusiastic to help women to develop business and materialize their plans.

"The effectiveness of the program is not only in favorable credit terms. We use an individual approach to the business of each client. On the eve of the International Women’s Day I would like to congratulate all women on March 8 and wish them success. May there always be a shoulder for them to lean on. Perhaps , Unibank will become this shoulder," he concluded.

Unibank was founded in October 2001. Its main shareholder is UNIHOLDING GG LIMITED. In 2015, the bank was reorganized into an open joint stock company. -0-