Loans to legal entities

Economic Modernization Measure (effective till December 31, 2023)


AMD, USD, Euro

Eligible borrowers

Armenian resident legal entities and sole proprietors


Machines, equipment, spare parts (including purchase price, import costs, customs clearance, value added tax, etc.). The list drafted according to classifiers approved by Order #874-N of September 19, 2013.

Limits per sectors

  • Manufacturing
  • Construction
  • Transport and Communications
  • Trade 
  • Lodging business and organization of public catering
  • Other sectors

Maximum amount per business is AMD 1 billion or equivalent amount in foreign currency.

In case the borrower invests at least AMD 200 million into the charter capital in 2021 and subsequent years, the maximum subsidized amount will be set as much as the five-fold amount of these investments.


Loan disbursement method

  • Non-cash manner
  • Loan may be disbursed in a lump-sum or installments

Loan term

Maximum loan term is 10 years.

Subsidized time period:

Up to AMD 200 million or equivalent amount in foreign currency– 42 months 

Above AMD 200 million or equivalent amount in foreign currency – 36 months 

Repayment method

  • “Annuity” plan
  • “Springy” plan

Grace period

Will be set with consideration of the business characteristics, principal grace period - up to 6 months, for foreign currency – up to 3 months

Annual interest rate


Actual interest rate according to Bank’s current tariff rates.

Subsidized portion in AMD – up to 8%, in foreign currency – up to 6%.


Penalties for past due principal and interest

  • For past due principal  - 0.015% per day
  • For past due interest - 0.1% per day.

Penalty for early repayment


Loan security

  • Movable and real property,
  • Funds in deposit and current accounts,
  • Working capital, finished goods,
  • Standardized bullions of gold or gold scrap, precious metals,
  • Short-term government bonds or other securities,
  • Sureties of legal entities and individuals as may be required by the Bank.

Fees charged


State duties and other payments

  • State duties charged by Armenian competent state bodies for notarial certification and registration of the collateral agreement.
  • Collateral appraisal fee according to the tariff rates set by independent appraisal companies which cooperate with the Bank.