On July 19, Araratbank OJSC and European Bank for Reconstruction and Development (EBRD) signed a loan agreement at the amount of USD 7 mln. The document was signed by the bank’s executive director Ashot Osipyan and the head of EBRD Resident Office in Yerevan Valeriu Razlog.

“The loans will enable the bank to attract AMD resources, thus meeting clients’ demands for long-term lending,” Mr. Razlog said, adding that AMD 1mln will be aimed at agriculture sector.

Mr. Osipyan, in turn, noted that the bank has launched implementation of the pilot project for the agriculture sector, with USD 3 mln. to be allocated for that. He further thanked for the technical assistance EBRD experts offered.

“The loans will be issued at an average of 14-15% per annum with 5 and 3 year terms for capital investments and circulating assets respectively,” Araratbank’s executive director said.