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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. 

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The European Bank for Reconstruction and Development (EBRD) and the European Union are boosting their support for underserved micro, small and medium-sized enterprises (MSMEs) in eastern Europe, the Caucasus and the southern and eastern Mediterranean region. This includes Armenia, Azerbaijan, Georgia, Moldova, and Ukraine.
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The European Fund for Southeast Europe (EFSE) provided AraratBank with a five-year, USD 10 million credit line to finance micro, small and medium enterprises (MSMEs) in Armenia. Priority will be given to businesses most affected by economic, social and security problems caused by the war between Russia and Ukraine.
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The Development Facility of the European Fund for Southeast Europe (EFSE DF) will support Armenia-based pre-seed venture capital firm SmartGateVC in implementing a new financing model for early-stage start-ups and research and development (R&D) companies.

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