Ardshinbank, the leading Armenian bank will receive a financial package of US$ 20 million, from the European Bank for Reconstruction and Development (EBRD) for on-lending to the private sector.
Half of this amount will be on-lent to Armenian firms to foster their growth and development, and the other US$10 million will support investments in environmentally-friendly equipment and production upgrades that meet EU standards.
This financing will enable borrowers to enhance their competitiveness both domestically and internationally to help diversify their export markets. It will also support the implementation of health and safety measures, as well as the adoption of environmentally-friendly practices and resource efficiency. At least 70 per cent of the loan will be allocated to funding green technologies.
Borrowers will benefit from free support from international consultants and will receive cash-back incentives upon completion of their investment projects. Both are funded by the EU under its EU4Business initiative and contribute to the aims of the EU’s Eastern Partnership (EaP) Economic and Investment Plan, which include supporting 30,000 SMEs in Armenia.
The financing is part of a joint programme, the EU4Business-EBRD Credit Line, for which the EBRD provides finance to MSMEs through partner financial institutions, while the EU complements the offer with incentive grants and technical assistance. This programme is also available in Georgia, Moldova and Ukraine.
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