Acba Bank to channel $50 million into MSMEs development in Armenia (video)
YEREVAN, October 24. /ARКА/. Acba Bank is the first bank in Armenia to start cooperation with the American International Development Finance Corporation (DFC), as a result of which $50 million lwill be allocated to support micro, small and medium enterprises (MSMEs) in Armenia and stimulate economic growth, the bank’s press service reported.
No less than 50% of the funds will be provided to women-run enterprises to create special opportunities for their development.
“This is the first time that DFC signs an agreement with an Armenian company, in particular with Acba Bank. We will direct the received resources to the development of micro, small and medium businesses in our country. Particular emphasis will be placed on the role of women in this business, and a significant portion of the funds raised will be directed to the development of businesses run by women. Thanks to this cooperation, we will contribute to the continuous development of businesses throughout Armenia,” said Acba Bank CEO Hakob Andreasyan.
“Today we celebrate an important collaboration between Armenia and the United States. The partnership with Acba Bank is rooted in our shared values and promoting economic growth in Armenia. Small businesses are the driving force behind the free market, creating jobs and opportunities for communities. DFC is using its tools and authority to provide access to finance that will help grow Armenian businesses and advance the Armenian economy,” said Nisha Biswal, Deputy Director of DFC.
“This is the largest investment DFC has ever made in Armenia, and it is being received by Acba Bank. I believe this is an important step in expanding access to finance for small and medium-sized businesses. It will allow local businesses to grow, innovate, and create new jobs,” said Kristina Kvien, U.S. Ambassador to Armenia.
“This partnership not only supports small and medium-sized businesses in Armenia, but is another important step in the continued deepening of economic relations between the United States and Armenia. This credit program will help Armenian enterprises to expand, develop and be competitive both in the local and international markets,” said Deputy Minister of Economy Arman Khojoyan.
“Acba Bank is one of the leaders of our banking sector and has been demonstrating stable financial indicators for many years. The bank has introduced the best standards, especially in the field of corporate governance, and has been supporting Armenian businesses, the agricultural sector and the small and medium business for many years. Experienced specialists of Acba Bank have become partners and advisors of this business circle, they have been supporting our business people from the beginning of initiatives to their successful completion,” said David Nahapetyan, member of the Board of the Central Bank of Armenia.
Acba bank is controlled by the Central Bank of Armenia. -0-
