100 million euros will be allocated for business development in Armenia: ACBA Bank
YEREVAN, May 7. /ARKA/. ACBA Bank, in a new partnership with the European Bank for Reconstruction and Development, will allocate 100 million euros to the development of businesses operating in Armenia, with the EBRD bearing the risk of 50 million euros of the financing. The project is implemented with the support of the European Union within the framework of the EFSD+ program.
Key benefits of the program:
• Easy access to financing: with the funds provided, SMEs will have the opportunity to replenish working capital and expand their business.
• EU support: the program is implemented under the financial guarantees of the European Union (EFSD+ program).
The new agreement was signed in London by ACBA Bank CEO Hakob Andreasyan and EBRD Financial Institutions Executive Director Francis Malige.
“ACBA Bank and EBRD have a long history of cooperation, and we are developing our partnership with mutual trust. The agreement signed in London opens up new horizons, especially for small and medium-sized businesses. I am pleased that ACBA Bank continues to contribute to the development of financing solutions in Armenia that have a real and visible impact on our economy,” said ACBA Bank CEO Hakob Andreasyan.
“We are pleased to sign this new guarantee agreement with ACBA Bank, with the support of our main partner, the European Union. We remain committed to promoting the growth and sustainability of private business by improving access to finance for small and medium-sized enterprises, which is an important driver of Armenia’s economic development. Through innovative financial instruments, we contribute to the country’s economic resilience and development. Increasing the competitiveness of companies and the use of risk-sharing instruments through the financial sector are key priorities for the EBRD in Armenia,” said Francis Malige, EBRD Executive Director for Financial Institutions.
ACBA Bank is one of the leading financiers of the Armenian economy and one of the leaders in financing the country’s agricultural sector. The bank is constantly expanding and developing the quantity and quality of financial services, contributing to Armenia’s economic stability and development. ACBA Bank is the founder and 100% shareholder of Armenia’s first leasing company, ACBA Leasing, and jointly established Amundi-ACBA Asset Management in Armenia with Amundi, Europe’s leading asset manager. ACBA Bank operates in all regions of Armenia, has 66 branches and over 5,000 shareholders.
The EBRD is one of the largest institutional investors in Armenia, having invested around €3 billion in 243 projects in the country, with the majority of these investments going to the private sector.
The bank is supervised by the Central Bank of Armenia.
