5 million USD from Microfinance Enhancement Facility

"I am confident that this agreement will give rise to a constructive collaboration between ARARATBANK and the Microfinance Enhancement Facility, and also delighted that we have the opportunity to expand the list of reputable international financial institutions we work with. This funding will increase the availability of financial resources for SMEs, enable them to develop and realize their innovative entrepreneurial ideas, and will increase competitiveness in this field. It is noteworthy that the SME loan portfolio of the bank is over 25 million USD as of this date, and with signing of this new agreement this figure will increase" noted Mher Ananyan, Chairman of the Executive Board of ARARATBANK.

Jan Dewijngaert, Regional Director Eastern Europe & Central Asia at Incofin commented: “ARARATBANK and Incofin work closely together since 2012. Through one of its funds, Incofin was also a shareholder of the bank until early this year. As an impact investor, we try to provide support to our clients not only in good times, but also when times are difficult. That is why we are pleased to involve MEF in this latest funding.”

“MEF is pleased to support the dynamic growth of ARARATBANK, an important source of financing for the Armenian micro and small business sector” said Karlo De Waal, Chairman of the MEF Investment Committee.