Armenian SMEs benefit from BSTDB financing

News | 04-Sep-2019

The Black Sea Trade and Development Bank (BSTDB) provided a USD 10 million SME loan to the Armenian Economy Development Bank (Armeconombank). The BSTDB facility will be used to fund Armeconombank’s sub-loans to Armenian small and medium-sized companies to finance projects and investment programs.

Supporting the SME sector development is BSTDB’s strategic priority in all member countries, including Armenia.

BSTDB has been cooperating with Armeconombank since 2008. The previous two facilities have funded 180 sub-loans to Armenian SMEs.

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 of Armenia 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.