The Black Sea Trade and Development Bank (BSTDB) and IDBank have signed a €10 million financing package to support small and medium-sized enterprises (SMEs) and trade-related activities in Armenia. The package includes a EUR 9 million loan for financing SMEs, as well as a EUR 1 million trade finance short-term revolving credit line.
The deal marks the start of a partnership between BSTDB and IDBank and reflects the parties’ commitment to expanding access to financing for Armenian businesses.
Combining SME financing and trade finance support, the partnership aims to promote private sector development and economic growth in Armenia.
The financing will enable IDBank to expand lending to Armenian SMEs and support relevant import and export transactions, contributing to private sector development and cross-border trade. SMEs play an important role in Armenia’s economy, and improving access to financing is one of the key prerequisites for business development and the creation of new jobs.
“Access to financing remains central to the growth and competitiveness of SMEs. We are pleased to expand our presence in Armenia by partnering with IDBank and supporting Armenian businesses with financing that will boost trade and promote sustainable economic activity,” said Dr. Serhat Kyoksal, President of BSTDB.
“IDBank continues to expand cooperation with reputable international financial institutions, and the partnership with BSTDB is in line with our strategic goal of providing Armenian businesses with wider access to international financial resources.” The SME financing program will help finance the growth, working capital and investment needs of Armenian enterprises, and the trade financing tool will expand IDBank’s capabilities to support import and export transactions for corporate clients. In general, the cooperation corresponds to IDBank’s customer-centric approach and our mission to support the development of the real economy and international trade,” said Mher Abrahamyan, Chairman of the Board of IDBank.
The SME financing program will provide medium-term financing to Armenian companies, supporting investments, modernization projects and working capital needs in productive sectors of the economy. The trade finance tool will help companies ensure continuity of trade flows and strengthen their access to regional and international markets.
IDBank is a commercial bank operating in Armenia that provides a wide range of financial services to individuals, SMEs and corporate clients. The bank pays special attention to the development of digital banking, payment solutions and innovative financial services and operates within the ID Group ecosystem.
The Black Sea Trade and Development Bank (BSTDB) is an international financial organization founded by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey and Ukraine. BSTDB headquarters is located in Thessaloniki (Greece). BSTDB supports economic development and regional cooperation by providing loans, credit lines, capital and guarantees for public and private sector project and trade financing in its member countries. The authorized capital of the bank is 3.45 billion euros. More information about BSTDB is available at www.bstdb.org.
The bank controlled is RA Central Bureau of Investigation by
