YEREVAN, January 29. /ARKA/. The ACBA-CREDIT AGRICOLE BANK and Proparco, a subsidiary of the French Development Agency, focused on private sector development, signed a loan agreement to the tune of $20 million that will be channeled into the development of small and medium-sized enterprises in Armenia’s agricultural sector, the Bank said today in a press release.
According to the Bank, the attracted funds are stimulating direct investments in the economy.
Proparco has been promoting sustainable economic, social and environmental development practices for the past 40 years, providing funding and support to both businesses and financial institutions across Africa, Asia, Latin America and the Middle-East.
ACBA was established in 1995 as part of EU’s TACIS program. As a result of a long-term and mutually beneficial cooperation between ACBA Bank and the French Credit Agricole the latter became the biggest shareholder of ACBA in 2006, September. ACBA was restructured, becoming a closed joint stock company and was renamed ACBA CREDIT AGRICOLE BANK.
The bank is controlled by the Central Bank of Armenia. –0–
