The Black Sea Trade and Development Bank (BSTDB) and the Izmirlian Foundation Joint Finance Facility (JFF) will extend two five-year US$425,000 and US$500,000 loans to Oval Ltd and Valletta Ltd respectively in Armenia.

The financings will support the companies “modernisation and expansion programmes and will further facilitate them in maintaining leading positions in the local market.

Oval is Armenia’s leading manufacturer of polymer packages for food products, mainly for dairy industry. The company production facilities and office space are situated nearby Yerevan.

Valletta is involved in manifold sectors of the Armenian economy. The company also conducts business in Georgia and Russia.