OREANDA-NEWS.  March 16, 2012. The Eurasian Development Bank (EDB) signed a USD 10 million loan agreement with Areximbank-Gazprombank Group under its programme to finance small and medium-sized businesses (SMB). The agreement was signed by Dmitry Zhurba, Deputy Chairman of the Executive Board, on the part of the EDB and Armen Khandkaryan, General Director, on the part of Areximbank-Gazprombank Group, reported the press-centre of KASE.

In his welcome speech Dmitry Zhurba, Deputy Chairman of the EDB Executive Board, said that the EDB deemed it very important to support small and medium-sized businesses in Armenia since they formed the basis for its socioeconomic development. "This loan means that the EDB is confident of Areximbank-Gazprombank Group's strategy and prospects and it will be used to enhance the range of banking services provided to small and medium-sized businesses," Dmitry Zhurba said.

In his response, Armen Khandkaryan, General Director of Areximbank-Gazprombank Group, said that he deemed the development of small and medium-sized businesses one of the promising areas of the bank's work. He also said that over the last two years that bank had significantly increased lending to SMB within the refinancing programme of the Central Bank of the Republic of Armenia and had become one of the top three Armenian banks providing loans to SMB. Areximbank-Gazprombank Group cooperates in this area with international financial institutions, including the World Bank and KfW, a German development bank. In addition, the Bank is a proactive participant in a mortgage programme in the framework of the KfW programme and the Rural Economic Development programme (IFAD). "The signature of the agreement with the Eurasian Development Bank will be a new impetus to enhancing the bank's opportunities in financing small and medium-sized businesses," Armen Khandkaryan emphasized in conclusion.

The cooperation with the EDB goes beyond this agreement. Areximbank-Gazprombank Group is negotiating with the EDB a loan facility to develop trade finance as well as financing for energy-saving projects.