EBRD and EU to hold a forum on small and medium-sized businesses in Yerevan
YEREVAN, April 13. /ARKA/. The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are holding a conference EU4Business-EBRD Credit Line in Armenia – Impact to date and Way Ahead’ that is taking place on 14th April 2023, EBRD press service reported.
It said the conference will bring together over 100 professionals representatives from the Central Bank of Armenia, senior management from the local banks, representatives from business associations and the donor community as well as the businesses that benefited from this program.
The event will highlight the benefits extended through the Program to the economy. It will provide an overview of the impact achieved to date and discuss the opportunities for the private sector players.
Speakers and presenters include: Vahan Kerobyan, the Minister of Economy of the Republic of Armenia, Andrea Wiktorin, HE Ambassador, Head of the EU Delegation to Armenia and George Akhalkatsi, EBRD Head of Yerevan Office.
EU4Business-EBRD Credit Line in Armenia, joint EBRD & EU initiative, aims at improving SMEs’ competitiveness and trade, both within the region and with the EU countries, offering a combination of loans, grant incentives and free technical assistance.
Active in Armenia since 2021, it targets companies that wish to replace old technology with more energy efficient updates, enhance product quality and boost competitiveness at home and abroad.
More than 70 small and medium-sized Armenian enterprises (SMEs) have already invested in greener technology and have boosted competitiveness thanks to this financing.
The program offers EBRD loans coupled with EU grant incentives, which target small firms through local financial institutions in a network that already unites five commercial banks. A total of €14.5 million in loans was extended to small businesses in the country for 89 investment projects in the past two years.
The participating partner banks are: Ameriabank, ArmSwissBank, Inecobank, Acba bank, ArmEconombank.
Upon successful investment, companies in sectors ranging from manufacturing to agriculture, from food and beverages to medical services, receive up to 15 per cent cashback financed by the EU under its EU4Business initiative.
The EBRD is a leading institutional investor in Armenia. It has invested more than €2 billion across 206 projects in Armenia, supporting private sector development and transition to a sustainable, green economy. -0-
