ACBA-CREDIT AGRICOLE BANK The European Bank for Reconstruction and Development (EBRD) has signed a loan agreement for 20 million USD. The funds provided by the EBRD will be directed by ACBA-CREDIT AGRICOLE Bank to finance micro, small and medium-sized enterprises affected by the coronavirus in Armenia. The financial resources of the MSMEs affected by the pandemic will be provided both in AMD and USD.
“During this difficult period, for us the proper organization of the process of financing of micro and SMEs in Armenia is still very important. As a result of cooperation with our reliable partner the EBRD, with the new funds we will be able to support micro, small and medium-sized enterprises affected by the epidemic with new breath and new force. Especially in this situation, the uninterrupted process of MSME financing is of primary importance for the stability of our country's economy", said Hakob Andreasyan, the CEO of ACBA-CREDIT AGRICOLE Bank.
Since the spread of the coronavirus in Armenia, ACBA-CREDIT AGRICOLE Bank has provided about 49.5 billion AMD in loans to MSMEs to more than 32,000 partners.
During the Covid-19 crisis, the EBRD continues to be a key partner in Armenia and this financing is only one part of the activities, directed to the support in fighting coronavirus impact and recovery from it.
The EBRD is committed to providing 21 billion Euro in assistance to 38 countries in 2020-2021, where it is making investments now. The support includes the solidarity package for existing customers, that offers short-term liquidity and working capital.
The EBRD is a leading institutional investor in Armenia. To date, the Bank has invested 1.5 billion Euro in 183 projects in Armenia, supporting private sector development and the transition to a sustainable, "green" economy.