BSTDB extended a USD 20 million facility to its partner Ardshinbank to enhance the support for small and medium-sized enterprises (SMEs) in Armenia. This BSTDB’s fourth SME facility demonstrates the strengthened cooperation between the two institutions to jointly assist SMEs, the most vulnerable business segment amid the turmoil caused by the outbreak of the COVID-19 pandemic.

The five-year loan will enable Ardshinbank to offer the much-needed medium-term financing for SMEs’ investments and working capital needs. In the difficult times BSTDB supports the efforts of its Member States to reduce the negative impact the COVID-19 pandemic has on human lives, societies and economic activity. Despite the changes in market perceptions of risk and liquidity caused by the pandemic, the Bank continues to support the most vulnerable segment of companies, the SMEs.

BSTDB is actively supporting the development in Armenia of the SME sector, which is the backbone of country’s economy. BSTDB has allocated over EUR 130 million for SME financing through local financial institutions in Armenia, including USD 35 million through Ardshinbank.