EBRD, EU and Green Climate Fund expand funding for SMEs in Armenia

EBRD, EU and Green Climate Fund expand funding for SMEs in Armenia

July 1, 2021

Armenia’s private sector will benefit from new resources for green financing thanks to a US$ 10 million financial package put together by the European Bank for Reconstruction and Development (EBRD) in cooperation with the European Union and the Green Climate Fund (GCF). This funding will facilitate the private sector’s transition to more sustainable, low-carbon and climate-resilient practices.

The package provided to ACBA Bank, one of the leading banks in Armenia, will support local enterprises in upgrading technologies and services to EU standards and using of green technologies.

This is the first project to be signed in Armenia under the EU4Business-EBRD credit line, paving the way for more banking clients to join this new framework. Borrowers are eligible to receive incentive grants and technical advice, both funded by the European Union under its EU4Business initiative.

“The EU4Business-funded facility will support Armenian SMEs in delivering high added-value and boost their competitiveness and productivity, in line with the standards of the EU-Armenia Comprehensive and Enhanced Partnership Agreement,” said Ambassador Andrea Wiktorin, Head of Delegation of the European Union to Armenia.

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