Armenian SMEs benefit from BSTDB financing

News | 19-Feb-2008

BSTDB is providing a USD 5 million SME loan facility to the Armenian Armeconombank.

The loan facility which carries a tenor of 5 years will be used by Armeconombank for providing sub-loans to small and medium-sized enterprises with the following purposes: creation, modernisation, expansion and diversification of industrial, production, agricultural or service-related facilities, as well as for export and pre-export financing of industrial or agricultural enterprises.

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Armeconomobank is Armenia’s sixth largest bank by assets is a sector encompassing 22 privately owned banks. It has been the first among state-owned banks of Armenia to be reorganized into a joint stock bank. In 1997, the shareholding structure of the bank changed due to attraction of a new strategic investor, the Sukiasyan family, founders of SIL Group – a large industrial and trade business group. Armeconombank actively cooperates with international financial and credit Institutions in realization of a number of credit programs.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. With an authorized capital of SDR 3 billion (approx. USD 4,5 billion), the Bank supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects in the public and private sectors in its member countries. BSTDB is rated Long Term Baa1 and Short Term P2 by Moody’s.