The Black Sea Trade and Development Bank (BSTDB) and Armenian Economy Development Bank OJSC (Armeconombank) signed a USD 10 million SME loan agreement according to which Armeconombank will receive the first tranche of financing this year.

Armeconombank will use the BSTDB facility to fund its sub-loans to Armenian small and medium-sized companies to finance projects and investment programs.

Supporting the SME sector development through cooperation with IFIs is one of Armeconombank’s strategic priorities in Armenia.

Armeconombank has been cooperating with BSTDB since 2008 - more than eleven years, during which Armeconombank has raised two facilities for on-lending to Armenian SMEs.

Armenian Economy Development Bank OSJC (or Armeconombank) is one of the oldest universal commercial banks in Armenia. Being in the top-10 Armenian banks, it is represented in all regions of the Republic through its 52 branches. The Bank’s business is mainly focused on SME and retail business development. Armeconombank is rated by Moody’s at “B1” with Stable Outlook.