Fresh EU funding for SMEs in Armenia
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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