Black Sea Trade & Development Bank (BSTDB) has provided a €3mn secured term loan to Armenia’s Euroterm. BSTDB’s funds will be used for financing capital expenditures related to modernization of the company’s production and packaging equipment, investments in cultivation of fruits and vegetables, and working capital.
BSTDB’s facility will contribute to the development of Armenia’s food processing industry and the agribusiness sector of the country.
Euroterm is one of the leading producers of fruit juice, fruit concentrates and canned fruits and vegetables in Armenia. The company sells its products both domestically and to foreign customers under the brand name “Noyan”. The Noyan brand name enjoys a strong recognition and popularity in Armenia. Euroterm’s food products occupy approximately 13% of the Armenian market.
Apart from the fruit juice related products, Euroterm is also active in assembling and distributing heating systems for commercial and residential properties. The company is one of four major players in the Armenian market for aforementioned products.