Acba Bank to allocate $40 million to finance young entrepreneurs
YEREVAN, December 10. /ARKA/. Acba Bank, in partnership with the European Bank for Reconstruction and Development (EBRD), is launching the first targeted financing program designed for businesses founded by young people in Armenia, the bank's press service reported.
Under the program, Acba Bank will allocate the equivalent of $40 million to micro, small, and medium-sized enterprises (MSMEs) led by young entrepreneurs.
The option of financing in local currency will allow young entrepreneurs to avoid the risks of exchange rate fluctuations and invest in a more predictable environment.
In addition to financing, young entrepreneurs will also be provided with advisory services aimed at increasing competitiveness, the use of digital tools, and long-term business sustainability.
The new financing option is intended for young entrepreneurs operating both in Yerevan and in the regions of Armenia.
The European Union is supporting this program through the European Fund for Sustainable Development (EFSD+), which covers the risk of a potential first-time financial loss.
Acba Bank and the EBRD have been cooperating since 2003.
The EBRD has been operating in Armenia since 1992, investing approximately €2.6 billion in 232 projects, thereby contributing to the development of various sectors of the country's economy.
The Acba Bank is overseen by the Central Bank of Armenia. -0-
