The European Fund for Southeast Europe (EFSE) provided the first loan to Araratbank at the amount of $5mln. The funds will be directed for lending small and medium businesses in remote rural areas of Armenia, the bank press service reported.

This is the second investment of EFSE in Armenia from 2009.

CEO of Araratbank Ashot Osipyan said that cooperation with EFSE is viewed as a condition for new developments in financing small and medium businesses. He expressed confidence that cooperation with the Fund will be long-term and efficient.

“Due to our new partner – Araratbank – we will be able to expand our activity in the region, while the provided funds will allow the bank to allocate loans to 320 small and medium businesses of the country,” said Chairman of the Board of Directors of EFSE Klaus Glaubitt.