Strengthening Armenian SMEs: New BSTDB Agreement Signed in Yerevan

USD 7 Million Loan Facility to Enhance SME Competitiveness and Regional Integration

The Black Sea Trade and Development Bank (BSTDB) signed a new SME loan facility agreement with the Development and Investments Corporation of Armenia (DICA) during the Business Forum “Armenia: Accelerating Regional Success”, held in the margins of the Bank’s Annual Meeting in Yerevan.

Under the agreement, BSTDB will provide a USD 7 million loan to DICA for on-lending to local small and medium-sized enterprises (SMEs). This second BSTDB facility for our partner institution will support businesses in meeting their capital expenditure and working capital needs.

The operation reflects BSTDB’s strategic commitment to fostering inclusive economic growth, job creation, and cross-border business ties in line with broader regional development priorities. By targeting the SME sector—a key pillar of Armenia’s economy—the facility aims to boost productivity, improve competitiveness, and expand the export potential of Armenian enterprises.

Building on a strong track record of cooperation with DICA, the loan will allow BSTDB to deepen its impact in Armenia’s financial sector and extend access to finance for a wider range of entrepreneurs. The initiative supports the Bank’s broader mandate to promote economic resilience and institutional development across the Black Sea region.

Signing the agreement, the BSTDB President, Dr. Serhat Köksal, commented: “Supporting Armenia’s dynamic SME sector is a priority for BSTDB. Through our partnership with DICA, an Armenian state-owned entity, we are helping businesses access the capital they need to invest, expand, and contribute to the country’s prosperity. Signing this agreement during the Business Forum in Yerevan highlights the role of collaboration in driving private sector development and deepening economic ties across the Black Sea region.”

“We highly appreciate the continuation of our effective partnership with the Black Sea Trade and Development Bank. This loan agreement is also evidence of our successful cooperation and allows us to expand our investments in the SME sector of Armenia. DICA, as an institution actively participating in the financial system of the Republic of Armenia, is committed to its mission to make financial resources available to the real sector of the economy. The 7 million USD attracted from BSTDB will be directed to increasing the competitiveness of Armenian business, creating jobs and regional integration, contributing to the sustainable development of our country’s economy,” said Artur Badalyan, Executive Director of the Development and Investment Corporation of Armenia (DICA).

The Development and Investments Corporation of Armenia (DICA), was founded in 2009 as a universal credit organization, used as a vehicle to finance Armenian SMEs and certain investment projects and facilitate the development of Armenian economy. 100% of DICA shares are owned by the Government of Republic of Armenia through the Investment Support Center (ISC - 50.9%) and the Ministry of Finance (49.1%). Aiming to develop and strengthen public-private partnership, the Corporation has assumed the role of a special intermediary in the RA financial market, financing the real sector of the economy. DICA is one of the participants in the financial system of the Republic of Armenia, controlled by the Central Bank of the Republic of Armenia. More information at: www.dica.am/en

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

Contact: Haroula Christodoulou

: @BSTDB