Areximbank-Gazprombank Group CJSC and the Eurasian Development Bank (EDB) signed a $10 million loan agreement on March 12 to finance small and medium enterprises.

The document was signed in Yerevan by general director of Areximbank-Gazprombank Group CJSC Armen Khandkaryan and EDB deputy chairman Dmitry Zhurba.

“Our bank continues to strengthen international ties, and today we are signing a loan agreement for SME financing,” Khandkaryan said adding that assistance to SME development is a priority for the bank and the “development spine for any economy”.

Head of the bank also informed that the cooperation between Areximbank-Gazprombank Group and EDB will not be limited to this agreement; the bank holds talks with EDB to launch a credit line for development of trade financing, as well as getting funding to credit energy-saving projects.

For his part, Zhurba said that EDB is expanding its cooperation with Armenia’s finance sector, with $50 million allocated to this field since its operation in the country. “I’m happy to see the process keeps going, and we find further points of contact,” he emphasized.