EBRD and partner bank in Armenia to support growth of local businesses
The European Bank for Reconstruction and Development (EBRD) has announced that it will support the expansion of domestic businesses in Armenia through its Risk Sharing Framework (RSF).
At the EBRD’s 33rd Annual Meeting and Business Forum in Yerevan, the Bank agreed to share half of the risk on two loans provided by Armenian banks. This will help unlock new financing and growth opportunities for local companies and boost the lending capacity of local partner banks.
The EBRD is sharing the risk on a $15.7 million loan provided by InecoBank to the TUMO Centre for Creative Technologies. The funds will support the establishment of TUMO’s new hub fostering innovation and economic growth in Armenia. The European Union is also contributing US$ 12.5 million towards the total cost of the project.
The EBRD is also sharing the risk on a $1.2 million loan provided by InecoBank to the Karas Group, a leading fast-food chain in Armenia. The loan will help the company to develop and implement its new marketing strategy and renovate 28 of its outlets.
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