Armeconombank and the Dutch entrepreneurial development bank FMO signed a loan agreement worth $30 million  

Armeconombank, strengthening the long-term cooperation with the Dutch entrepreneurial development bank FMO, signed the 4th loan agreement worth 30 million US dollars, bringing the total value of the contracts signed with the above-mentioned partner-institution to about 100 million US dollars.

This financing package will be directed to micro, small and medium enterprises, women and young entrepreneurs, as well as to the agricultural sector and green project, contributing to the sustainable development of the country's economy.

Armeconombank has been cooperating with FMO since 2010, which, as a leading impact investor, supports the sustainable private sector in developing countries and emerging markets by investing in ambitious projects and enterprises.

Artak Arakelyan, Chairman of the Executive Board, CEO of Armeconombank said: “It is very important for us to enhance our strategic partnership with FMO. We are grateful to FMO Team for its professionalism and implementing the joint projects highly important for the MSMEs development in our country. This new facility marks another milestone in deepening the long term partnership between Armeconombank and FMO.”

Ruhi Cosgun, Manager Financial Institutions at FMO said: “We are very pleased to deepen our relationship with Armeconombank. Supporting MSMEs is essential to the country’s economic development, and through this loan we enable a strong, well-performing bank to further its efforts to reduce inequality across Armenia.”