11.06.2010 20:40
YEREVAN, June 11. /ARKA/. The European Fund for Southeast Europe (EFSE) signed a loan agreement of USD 10 million with Armenia’s Converse Bank for on-lending to small business in Armenia June 9 during its annual meeting in Ohrid, FYR Macedonia. It is the first investment of EFSE in the country. Converse Bank will use loan proceeds to expand financing of investments and working capital of small businesses in Armenia with long-term loans up to EUR 100,000. The loan will help the Bank to meet the demand for long-term financing especially from micro and small enterprises (MSEs), which dominate the private sector in the country.
Converse Bank is the 8th bank in Armenia by assets, servicing MSEs, with a special focus on the smallest borrowers in rural areas.
EFSE’s loan to Converse Bank is being provided under the European Neighborhood Small Business Growth Facility (ENBF), a dedicated European Neighborhood window within the EFSE structure.
Categories: Banks @en, General news, News, News of the hour | Comments Off on EFSE provides USD 10 million loan to Armenia’s converse bank for small business lending
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