Artak Arakelyan, CEO of Armeconombank, participated in the conference titled "SME Sector: Impact and Development Challenges," organized by the Union of Banks of Armenia, the Central Bank of the RA, and the German-Armenian Fund.
The conference, held on May 12 in Yerevan, was dedicated to the impact of programs implemented through international organizations and commercial banks of Armenia on the development of small and medium-sized enterprises (SMEs) in the country.
A panel discussion took place during the forum, featuring representatives from the executive and legislative branches, as well as the private sector. The discussion aimed to identify obstacles to the effective development of the sector and propose solutions to stimulate Armenia's economic growth. "Recognizing that SMEs are the driving force of the economy, Armeconombank is actively involved in the SME lending sector.
We operate through state programs and funds attracted from international organizations, as well as our own resources. The SME portfolio at Armeconombank stands at approximately AMD 126 billion, which accounts for nearly 60% of our total commercial loans, while the volume of loans provided through state support is estimated at AMD 13 billion.
These figures speak volumes about the sector's strategic importance to the Bank," noted the CEO of Armeconombank in his speech. Referring to the financial tools offered to businesses, Artak Arakelyan mentioned that Armeconombank provides an extensive package of commercial loans and partnership programs, enabling entrepreneurs to choose the most suitable tools for their business development.
The conference served as a vital platform for strengthening the public-private sector dialogue within the SME field and for finding more favorable solutions for business growth.