YEREVAN, 24 October. /ARKA/. American International Development Finance Corporation (DFC) will provide $50 million to Acba Bank, which will be channelled into financing and development of micro, small and medium businesses in Armenia.
The agreement to that end was signed the day before in Yerevan between DFC Deputy Executive Director Nisha Biswal and Acba Bank CEO Hakob Andreasyan, the press service of the Armenian Ministry of Economy reported.
‘Financial inclusion remains one of the main challenges facing SMEs, which are the backbone of our economy. Today, in a rapidly changing world, it is important for businesses to have the financial resources necessary to stimulate innovation, development and ensure long-term sustainability,’ said Deputy Minister of Economy Arman Khojoyan, who was present at the event.
He expressed confidence that cooperation with DFC will be established in such areas as food security, agriculture, infrastructure development, noting also that the signing of this agreement will open the way for new cooperation, especially in providing credit guarantees, thanks to which it will be possible to solve problems with collateral, which many companies face.
The United States International Development Finance Corporation (DFC) is a development finance institution and agency of the USA government. DFC invests in development projects primarily in lower and middle-income countries.
DFC’s lending capacity is used to provide loans, loan guarantees, direct equity investments, and political risk insurance for private-sector led development projects, feasibility studies, and technical assistance.
[ DFC invests across several sectors including energy, healthcare, critical infrastructure, and technology, with stated priorities of women’s empowerment, innovation, investment in West Africa and the Western Hemisphere, and climate change. -0-
