ARMECONOMBANK OJSC signs the second in a row and the third historical loan agreement with FMO, the Dutch development bank. This $10 million + €5 million loan agreement fits with FMO’s strategy to reduce inequalities and facilitate green projects. Armeconombank will on-lend the raised amount to underserved clients, i.e. Micro Enterprises, Women and Young Clients as well as to clients maintaining Green Projects, i.e. Renewable Energy, Energy and Water Efficiency, Agriculture, Aquaculture, Fisheries, Recycling, Waste Management and other eligible projects.”

Aram Khachatryan, the CEO of AEB says: “The cooperation between ARMECONOMBANK and FMO was launched in 2010. Throughout three decades ARMECONOMBANK OJSC has emphasized the importance of cooperation with international organizations, the evidence of which is the comprehensive partnership record with first class IFIs witnessed by the successful projects and the level of trust towards the Bank. This new loan will allow ARMECONOMBANK to remain next to our clients at this challenging time.”

About FMO

FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a close to 50-year proven track-record of empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With a committed portfolio of EUR 9.7 billion spanning over 85 countries, FMO is one of the larger bilateral private sector developments banks globally. For more information: please visit www.fmo.nl