![Fresh EU funding for SMEs in Armenia](/uploads/21/10/27/snimok-ekrana-2021-10-01-v-123348-e1633080891866-7f709cbf.jpg)
The European Bank for Reconstruction and Development (EBRD) is providing a US$ 5 million financial package to Inecobank in Armenia to facilitate the private sector’s transition to more sustainable, low-carbon and climate-resilient practices. The project is supported by the European Union with €523,000 of grant incentives.
The funding will be used by local SMEs for investments in climate-change mitigation and adaptation as well as for upgrading technologies and services to EU standards while promoting the use of green technologies.
The package comes under the EU4Business-EBRD Credit Line, a flagship initiative helping local companies increase their competitiveness at home and abroad by upgrading their production facilities and processes to EU standards.