Women's Tabloid

Home Banking AraratBank allocates $10 Million support for women-led businesses in Armenia

AraratBank allocates $10 Million support for women-led businesses in Armenia

Women's Tabloid News Desk
Women's Tabloid News Desk

AraratBank has received a substantial USD 10 million loan from the European Fund for Southeast Europe (EFSE). This funding is set aside specifically to support women entrepreneurs, aiming to improve their access to necessary financial resources.

This new investment will enable AraratBank to distribute over 300 sub-loans with extended repayment terms, primarily targeting micro, small, and medium-sized enterprises (MSMEs). The focus will be on businesses that are predominantly owned or managed by women. This initiative is likely to create nearly 1,500 jobs, driving further investment in the MSME sector despite the prevailing geopolitical uncertainties.

EFSE Regional Director, Oxana Binzaru,said: “We are proud to strengthen our collaboration with AraratBank, a long-standing partner committed to fostering inclusive economic growth. This USD 10 million loan is a testament to our shared dedication to enhancing the financial inclusion and empowerment of women entrepreneurs in Armenia, supporting them in overcoming the various challenges they face in the business world.”

Mher Ananyan, Chairman of the Executive Board of AraratBank, highlighted the bank’s commitment: “The recent focus of the bank’s policy has been on supporting women entrepreneurs in the best possible way, aiming to bring their business ideas to fruition effectively. The new cooperation with our trusted partner EFSE will further bolster this effort, making the process even more impactful.”

This partnership between EFSE and AraratBank highlights a mutual commitment to supporting female entrepreneurs and promoting sustainable economic growth in Armenia. The initiative not only aims to support the MSME sector but also to empower women in the business world, driving inclusive development in the region.

Recommended For You