The European Bank for Reconstruction and Development (EBRD) is providing a financial package of US$ 25 million to Acba bank to boost lending to micro, small and medium-sized enterprises (MSMEs) and women-led firms across Armenia.
The US$ 25 million financial package was signed by CEO of Acba bank Hakob Andreasyan and EBRD President Odile Renaud-Basso during her visit to the country.
Acba bank will receive US$ 7 million from this package under the EU4Business-EBRD Credit line, which helps local firms become more competitive by improving their productivity, investing in green technologies and increasing the quality of their goods and services.
Another US$ 4 million will fall under the Women in Business (WiB) programme that promotes women’s participation in business by boosting access to finance and know-how.
The remaining US$ 14 million will support the further development of local MSMEs and help Acba bank expand its lending portfolio.
The financing will be available in US dollars and/or Armenian dram, thereby protecting borrowers from foreign currency-related risks.