The European Bank for Reconstruction and Development (EBRD), a UK-based multilateral development institution, is providing two loans, denominated in local currency and worth a total of USD 10 million, to Araratbank of Armenia. The funds are to be used to help Araratbank serve more small and medium-sized enterprises, with a particular emphasis on businesses run by female entrepreneurs in rural areas of the country.
Established in 1991, Araratbank is a banking institution offering securities, deposits and other products to commercial customers. As of 2016, it had the equivalent of USD 419 million in total assets.
EBRD was founded in 1991 and has 65 shareholding countries as of 2017. With a focus on “the promotion of private and entrepreneurial initiative,” it invested EUR 9.4 billion (USD 10.1 billion) in companies in 30 countries during 2016.
By Ryan Gauthier, Research Associate
Sources and Additional Resources
Araratbank home page:
MICROCAPITAL BRIEF: EBRD Lending Local Currency Worth $20m to OTP Leasing of the Ukraine:
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.