Friday, June 28 2019 18:24

ArmInfo. Converse Bank and the Eurasian Development Bank (EDB) signed a loan agreement for $ 6 million to finance micro, small and medium businesses in Armenia.  "The signing of this agreement is a start to long-term cooperation with the EDB. This project will focus on expanding financing in the real economy, supporting the development of micro, small and medium businesses. Micro-business and SMEs have a unique ability to stimulate economic growth. They create new workers places, promote innovation, and increase tax inflows to the budget. These areas play an extremely important role in the rapid industrialization and development of the country. Financing microbusiness and SMEs is a priority in the development strategy of the bank, "said Hrant Hakobyan, financial director of Converse Bank.

According to the Financial Rating of Banks of Armenia, as of January 1, 2019, prepared by ArmInfo Investment Company, the Converse Bank portfolio on lending to SMEs reached 35.4 billion drams or $ 73.2 million, with an annual growth of 46.2%. The rate of annual growth in lending to SMEs Converse Bank is in the TOP-3. In the loan portfolio of the Bank, loans to SMEs account for about 18%. In total loans in the SME market area, Converse Bank's share is 5%.

Note that the Eurasian Development Bank is an international financial institution, founded in 2006. The goal of the EDB is to promote the economic growth of the participating countries, the expansion of trade and economic relations, and the development of integration processes. The full members of the EDB are Russia, Kazakhstan, Armenia, Tajikistan, Belarus and Kyrgyzstan.

Recall that Converse Bank is one of the leading banks in Armenia, providing universal banking services to both private and corporate clients. Converse Bank has been operating since September 1996. The Bank's shareholders are Advanced Global Investments LLc (led by Eduardo Ernekian) - 80.94%, HayPost Trust Management B.V. - 14.06%, Ecumiadzin Cathedral - 5%.