ARARATBANK raises USD 5 million

ARARATBANK and BlueOrchard Covid-19 Emerging and Frontier Markets MSME Support Fund concluded a bilateral loan agreement for a total amount of USD 5 million to support MSMEs affected by COVID-19 in Armenia.   

The loan facilities of the Fund will enable micro, small and medium enterprises to further or resume their activities under the conditions of pandemic, while creating jobs and boosting the economy.

“I am happy to report that Covid-19 Emerging and Frontier Markets MSME Support Fund has been launched by BlueOrchard with which ARARATBANK has been efficiently cooperating since February 2013. These new loan facilities will enable the MSMEs to mitigate the impact of COVID-19 on the economy of Armenia. It is noteworthy that ARARATBANK has actively participated in the programs to address the economic impact of COVID-19 and has provided loan facilities worth around 6 bln Armenian drams to over 120 beneficiaries affected by the coronavirus,” commented Mher Ananyan, Chairman of the Executive Board of ARARATBANK.   

Normunds Mizis, Chief Credit Officer of BlueOrchard said, “MSMEs have been particularly exposed to the Covid-19 pandemic’s economic impact. ARARATBANK successfully adapted in this challenging environment, enhancing and extending its digital banking offering to ensure access for its customers. In these difficult times, we are very proud to support ARARATBANK and the Armenian MSMEs sector in resuming their operations and businesses and contributing to securing jobs and stabilizing the local economy.”