Armenia: EIB Global provides €70 million to support SMEs under EU’s Economic and Investment Plan
October 3, 2023

Armenia: EIB Global provides €70 million to support SMEs under EU’s Economic and Investment Plan

The European Investment Bank (EIB), the lending arm of the European Union, will provide a loan of €70 million to the Central Bank of Armenia to increase access to financing for small and medium-sized enterprises (SMEs) and mid-caps in Armenia.

The funds, channelled through the Central Bank of Armenia, will be directed to eligible companies via commercial banks and universal credit organisations, ensuring a streamlined approach to financing. The programme will be implemented by the German-Armenian Fund, and will support an estimated 1,200 enterprises and sustain 1,500 jobs. Eight partner financial institutions are already confirmed to take part in the programme.

“We are prioritising balanced regional growth, empowering women entrepreneurs and promoting green projects, all in line with EU values and a steadfast commitment to supporting Armenia as it builds a sustainable, innovative and competitive economy,” said the Head of the EU Delegation to Armenia, Ambassador Vassilis Maragos. “And most importantly, we stand with Armenia in difficult times.”

This initiative is part of the EIB’s Armenian Economic Resilience Programme, with backing from the European Fund for Sustainable Development Plus (EFSD+). The programme is designed to facilitate access to financing for businesses in Armenia, contributing to economic growth and resilience.

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