The European Bank for Reconstruction and Development (EBRD) signed a $5mln loan agreement with Armenian Araratbank.

The allocated funds will be distributed as loans for small and medium businesses, Araratbank press service reported.

“We appreciate our cooperation with EBRD. As a result of our joint activity, we have obtained not only banking technologies of international standard and management systems, but also have gained great experience, which serves our clients, our stable development and Araratbank image,” Chairman of Araratbank Board Ashot Osipyan said, voicing confidence that the collaboration will continue.

EBRD and Araratbank have cooperated since 2008.