EBRD and EU boost financing for Armenian firms
The European Bank for Reconstruction and Development (EBRD) will lend US$ 9 million to the leading Armenian bank, Inecobank.
This funding will support micro, small and medium-sized enterprises (MSMEs) to invest in modern, more environmentally-friendly equipment and modernisation of production, and strengthen their export potential. At least 70 per cent of the loan is expected to fund green technologies.
The support is part of a joint programme, the EU4Business-EBRD credit line, in which the EBRD provides finance to MSMEs through partner financial institutions, while the EU complements the offer with incentive grants and technical assistance under the EU4Business initiative. This loan will contribute to the aims of the EU’s Eastern Partnership (EaP) Economic and Investment Plan, which include supporting 30,000 SMEs in Armenia.
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