YEREVAN, September 6. /ARKA/. As part of collaboration with the European Bank for Reconstruction and Development (EBRD) and the European Union a loan equivalent to US$ 15 million in Armenian drams will be extended by the EBRD to Armenian Acba Bank to help it reach more businesses, especially those located in rural areas. The funding will also address the growing demand for longer-term local currency financing, Acba Bank press service said today..
The project operates within the framework of the European Fund for Sustainable Development Plus (EFSD+) guarantee programme, designed to empower MSMEs, fostering their competitiveness and growth. By offering effective financial tools and expertise, the programme aims to drive development and create jobs.
“Acba Bank and the EBRD have a rich history of partnership going back to 2003. Our partnership has continuously expanded over the years through different programmes directed at supporting the Armenian economy, particularly during economic shocks or downturns. The EBRD has been always innovative in its programmes. We are delighted to join our forces once again with our partners, the EBRD and the EU, to continue to support local MSMEs in terms of their current liquidity needs and long-term investments, especially in rural Armenia,’’ said Acba Bank CEO Hakob Andreasyan.
“The EBRD is one of the largest institutional investors in Armenia: our primary goal is to focus on the private sector. We intend to provide great assistance to small and medium-sized enterprises, and a good means to do this is our cooperation with Acba Bank. I must also emphasize the support of the European Union, as this program would not be possible without the support of the European Fund for Sustainable Development,” said EBRD First Vice President Jürgen Rigterink.
Acba Bank, a long-standing partner of the EBRD since 2003, is one of the leading banks in Armenia, with a strong position in lending to agriculture and MSMEs, especially in rural areas. With its network of 64 branches in all regions of Armenia, it can reach out to numerous clients in diversified sectors.
The EBRD is a leading institutional investor in Armenia. The Bank has invested close to €2 billion across 206 projects in the country to date, where it is supporting private sector development and the transition to a sustainable, green economy.
Acba Bank is supervised by the Central Bank of Armenia.-0-
