YEREVAN, NOVEMBER 18, ARMENPRESS. The European Investment Bank (EIB) will provide a loan of 50 million Euros to finance various projects of small and medium enterprises, mainly in agricultural processing, agricultural, tourism sectors, press service of the Central Bank of Armenia told “Armenpress”.

The loan will be provided to the Central Bank, which will make those funds available to the SMEs through intermediary financial institutions. The loan will be mainly directed towards the agricultural processing and tourism sectors which play an important role for Armenia’s economic development.

EIB Vice-President Jan Vapaavuori said: “The European Investment Bank funds that are provided to our reliable partner, the Central Bank of Armenia, will improve the availability of long-term financial resources with local currency and favorable conditions of the Armenian small and medium enterprises. It will also contribute to the diversification of the Armenian economy, the development of private sector and will positively affect the creation of jobs in the country”.  

CBA President Arthur Javadyan said: “I am confident that this loan with its efficiency will strengthen the success of the previous loan on raising the financial availability of small and medium enterprises in Armenia”.

By this loan the EIB and CBA continue their successful cooperation within the frames of project on assisting the Armenian SMEs.

The previous 50 million Euro loan provided to the SMEs in 2014, has been fully distributed, up to now more than 100 projects were financed by these funds, especially in tourism and agro-food sectors.