On 5 September, the European Bank for Reconstruction and Development (EBRD) and the European Union signed the first loan under the European Fund for Sustainable Development Plus (EFSD+) guarantee programme with the Armenia Acba Bank.

As part of this co-operation, the EBRD will provide a loan equivalent to US$ 15 million in Armenian drams to help Acba Bank reach more businesses, especially those located in rural areas. The financing will also help to meet the growing demand for long-term local currency financing.

Lawrence Meredith, Neighbourhood East and Institution Building Director at the European Commission, welcomed this EU-backed loan agreement between the EBRD and Acba Bank. “Supporting a sustainable, innovative and competitive economy is among the five flagship initiatives of the EU’s Economic and Investment Plan (EIP) in Armenia. As we address the pressing need for extended local currency funding, we pave the way for a more resilient and innovative future for Armenia’s business ecosystem,” said Meredith.

One of the key flagship priorities of the EIP for Armenia is to promote a sustainable, innovative and competitive economy by directly supporting up to 30,000 small and medium-sized enterprises (SMEs) in the country.   

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Press release