ARARATBANK and FMO Expand Cooperation with a $25 Million Loan Agreement
SOCIETY
ARARATBANK OJSC and the Dutch entrepreneurial development bank (FMO) announce the signing of a new $25 million loan agreement, further strengthening and expanding their multi-year cooperation in business financing.
40% of the new loan funds will be directed toward green projects, while 60% will finance programs aimed at reducing social inequality.
Mher Ananyan, CEO of AraratBank, stated: "Our long-term cooperation with FMO is entering a new phase with the launch of this facility. The implementation of green and socially significant projects is strategically important for us, as they will contribute to the sustainable development of our country and reduce social inequality."
Ruhi Cosgun, FMO's Financial Institutions Manager for the ECA MENA region, added: "FMO and AraratBank have built a strong and successful partnership since 2014. FMO's new loan will support environmental projects, small businesses, and women-led enterprises in a country where almost 30 percent of the population lives at the poverty line, which closely aligns with FMO's impact objectives. At the same time, we are very pleased to contribute to AraratBank’s loan portfolio growth and its sustainability strategy"
Marieke Monroy-Winter, Ambassador Extraordinary and Plenipotentiary of the Kingdom of the Netherlands to Armenia, stated: "I am glad to see the enlargement of FMO activities in Armenia and continuous collaboration with AraratBank. This collaboration is a proof of unlocking financial-economic cooperation potential. This is also in line with recently signed Joint Declaration of Strategic Partnership between the Republic of Armenia and the Netherlands."
The cooperation between the two financial institutions began in 2014 with a $15 million loan agreement, while under the "NASIRA" loan portfolio guarantee, total financing reached approximately $35 million, providing over 2,000 loans to around 1,500 SMEs and agricultural enterprises. To date, the total amount raised from FMO exceeds $100 million.
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