"Converse Bank" CJSC and European Bank for Reconstruction and Development /EBRD/ signed a Loan Agreement in the amount of USD 10 million on November 25.

As reported Converse Bank CJSC Executive Director Ararat Ghukasyan, the loan will be directed to development of small and medium business.

Ararat Ghukasyan said "Loans will be provided without geographical limits to small and medium enterprises and sole entrepreneurs running trade, service, industrial, farm products, manufacturing and other businesses".

The loans will be given with four years maturity at market interest rates.

In his turn, Mr. Michael Weinstein, EBRD representative, emphasized the importance of effecting the credit program with "Converse Bank" CJSC, designating it as another guarantee of trust in the banking system of Armenia by international financial institutions.

"Converse Bank" CJSC provides financing to small and medium business as well as agro-lending in all Marzes of the republic.