OREANDA-NEWS. November 15, 2011. ARARATBANK has signed a syndicated loan agreement of USD 12 million to fund small and medium businesses in Armenia. European Bank for Reconstruction and Development, Russian OJSC Promsvyazbank, VDK Spaarbank of Belgium and Lebanese Byblos Bank S.A.L. have their participation in this loan program. Being a leader in the field of small and micro business lending, ARARATBANK will continue to strengthen its position of a player on the Armenian financial market due to new lending, reported the press-centre of ARARATBANK.

“This new project allows to access loan funds directly from commercial banks. Being provided a syndicated loan, ARARATBANK has become known as a reliable and creditable Armenian bank on the international credit market. It is a significant achievement for ARARATBANK, which increases not only the reputation of the Bank, but also enables to enlarge our loan volume and geography.” said Ashot Osipyan, Chairman of the Executive Board of ARARATBANK.

According to Lorenz Jorgensen, EBRD Director of Syndications, this is the first syndicated loan with Armenian bank involved and it means that ARARATBANK enjoys great credibility and has a very experienced management. “I am often asked why our selection stopped particularly on ARARATBANK and I keep on answering that this is the bank that goes forward with steady steps. It is among Armenian leading banks as well. This is a great success for ARARATBANK’s future development and a big event for Armenia. Following the world financial crisis, EBRD continues to support business development in Armenia”, said he. Jorgensen added as well that with this new loan ARARATBANK will be able to meet customer demand, offering more affordable and favorable terms.

It should be mentioned as well that this is the second large international loan program of ARARATBANK during 2011. The first loan agreement of USD 10 million has been signed with the European Fund for Southeast Europe (EFSE).