Armenian small and medium-sized enterprises (SMEs) are set to benefit from a new USD 20 million SME Facility provided by the Black Sea Trade and Development Bank (BSTDB) to Armeconombank (Armenian Economy Development Bank), a longstanding partner financial institution in Armenia.
Signed on the sidelines of the Bank’s Business Forum, “Armenia: Accelerating Regional Success”, this new facility will be on-lent to Armenian SMEs to enhance their liquidity, expand operations, and strengthen their capacity to engage in cross-border trade. The financing is expected to support employment, income generation, and regional trade growth.
“Our cooperation with Armeconombank is a testament to what long-term partnerships can achieve. Over the years of working with our partner bank, we’ve helped hundreds of Armenian SMEs access funding to sustain their activities and growth plans. This new facility, signed at our Business Forum, underlines BSTDB’s role in fostering regional integration and creating real economic opportunities for Armenian businesses through improved access to finance and cross-border trade”, said Dr. Serhat Köksal, President of BSTDB.
Artak Arakelyan, the CEO of ARMECONOMBANK OJSC says: “We would like to express our deep gratitude for the strategic cooperation between ARMECONOMBANK and BSTDB starting from far 2007. Throughout these 18 years AEB 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 is the subsequent SME Facility that will allow our bank to unlock the long-term financing with competitive conditions to clients at this challenging time.”
BSTDB’s cooperation with ARMECONOMBANK began in 2007 and has since delivered three SME loan facilities totaling USD 25 million.
ARMECONOMBANK is one of the oldest universal commercial banks in Armenia, focusing on SME and retail business development. Being in the top-10 Armenian banks, it is represented in all regions of the country through a network of 53 branches. Armeconombank is rated by Moody’s Investors Service and Fitch Ratings.
ARMECONOMBANK is supervised by the Central Bank of the Republic of Armenia.
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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 are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion.
For information on BSTDB, visit www.bstdb.org.
