News

On 20 December 2017, ARMECONOMBANK OJSC and German Development Financing Company DEG -Deutsche Investitions- und Entwicklungsgesellschaft mbH, a subsidiary of the KfW Group, signed a USD 10 mln loan agreement, the funds of which will be directed to the on-lending of small and medium businesses in Armenia, as well as to the financing of local companies to acquire German equipment or services.

Despite the fact that the above mentioned agreement is the first agreement between ARMECONOMBANK OSJC and DEG, ARMECONOMBANK OJSC has been cooperating with KfW for more than 17 years in various projects in Armenia.

It is notable to mention that in 2017 ARMECONOMBANK signed loan agreements and deals with international lending organizations in the amount of about USD 42 mln. for MSME lending and Trade financing.