YEREVAN, May 14 – Armeconombank CEO Artak Arakelyan participated in a conference titled “SME Sector: Impact and Development Challenges,” organized by the Union of Banks of Armenia, the Central Bank of Armenia, and the German-Armenian Foundation. The conference, held on May 12 in Yerevan, focused on the influence of international organizations and Armenian commercial banks on the development of small and medium-sized enterprises in Armenia.
Panel Discussion Addresses Sector Challenges
The conference included a panel discussion with representatives from executive and legislative bodies, as well as the private sector. The discussion aimed to identify obstacles hindering the effective development of the sector and propose solutions to stimulate economic growth in Armenia.
Armeconombank reported that the discussion sought to uncover problems impeding the sector’s efficient development and suggest solutions that would stimulate Armenia’s economic growth.
Armeconombank’s Commitment to SME Lending
“Considering that SMEs are the driving force of the economy, Armeconombank is actively involved in SME lending. We work within the framework of state programs and with funds attracted from international organizations, as well as with our own resources. The SME portfolio in Armeconombank amounts to approximately 126 billion drams, which is about 60% of commercial loans, and the volume of state-supported loans is estimated at 13 billion drams. These figures, perhaps, speak to the importance of the sector for the bank,” said Artak Arakelyan, CEO of Armeconombank.
Diverse Financial Tools for Businesses
Addressing the financial instruments offered to businesses, Artak Arakelyan noted that Armeconombank offers a variety of commercial loans and partnership programs, allowing entrepreneurs to choose the most suitable tool for business development.
“The conference was an important platform for strengthening the state-private sector dialogue in the SME sector and finding more favorable solutions for business development,” the bank’s statement said.
Armeconombank is supervised by the Central Bank of Armenia.
