Araratbank OJSC and the European Fund for Southeast Europe (EFSE) signed a USD 10mln agreement on SME lending.

The agreement was signed by CEO of Araratbank Ashot Osipyan and Klaus Glaubitt, Chairman of the EFSE Board of Directors, the bank press service reported.

Osipyan praised the level of bank’s cooperation with EFSE, saying that the current loan program is the second one implemented jointly with it. According to him, the new lending program will considerably contribute to SME development in Armenia.

“The first loan allocated to Araratbank has served its goal, and we once again provide our assistance to the bank,” said Glaubitt.

In 2010, Araratbank increased the volume of credit investments by 57%. Besides, 15% growth was recorded in them in the first quarter of 2011.