With the cooperation of Acba Bank, the European Bank for Reconstruction and Development (EBRD) and the European Union (EU), AMD equivalent to USD 15 million will be allocated to the development of Armenia's economy, creating greater access to financing for micro, small and medium-sized enterprises, especially in rural areas.

The project is being implemented with the support of the EU, within the framework of the guarantee program of the European Fund for Sustainable Development (EFSD+).

"We have a very rich experience of cooperation with the European Bank for Reconstruction and Development, we signed the first contract back in 2003. Now we have signed a new contract aimed at supporting, promoting and financing small and medium-sized businesses, especially in rural areas," said Hakob Andreasyan, Chief Executive Officer at Acba Bank.

"EBRD is one of the largest institutional investors in Armenia, our primary goal is to focus on the private sector. We aim to provide great support to small and medium-sized enterprises, and a good way to do this is by partnering with Acba Bank. I must also emphasize the support of the European Union, because this project would not have been possible without the support of the European Fund for Sustainable Development," said Jurgen Rigterink, the first vice-president of the EBRD.

The cooperation between Acba Bank and EBRD started in 2003.

Acba is one of the leading banks in Armenia, the absolute leader in financing the agricultural sector of the country, it is the leader in the field of lending to micro, small and medium-sized enterprises. Acba is represented in all regions of Armenia, has 64 branches, and is considered one of the largest employers in the country and in the financial system.

EBRD is a leading institutional investor in Armenia. To date, the bank has invested about 2 billion euros in 206 projects in the country. The EBRD supports the development of the private sector and the transition to a sustainable, "green" economy.