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On November 15, EIB Global, a part of the European Investment Bank (EIB), and ArmSwissBank signed a loan agreement totaling €16 million aimed at expanding financial access for small, medium, and micro enterprises (SMEs) in Armenia.
This financing will enable ArmSwissBank to enhance the financial capabilities of businesses, contributing to the growth of business volumes, market expansion, and the creation of new jobs in Armenia. As part of promoting inclusive economic growth, 30% of the loan funds are allocated to women-owned enterprises, supporting the expansion of their operations.
The grant provided by the European Union (EU) will help make loans at an affordable interest rate, contributing to the competitiveness of small businesses in Armenia.
“The collaboration with the EIB will enable ArmSwissBank to support a wide range of businesses, including those led by women," said Chief Executive Officer of ArmSwissBank Gevorg Machanyan. "This initiative will help drive economic growth in Armenia while also promoting environmentally friendly practices. Together, ArmSwissBank and EIB Global are committed to fostering innovation and growth in the Armenian business community.”
“We are pleased to step up our support for MSMEs in Armenia, partnering with local financial institutions,” said EIB Vice-President Teresa Czerwińska. “The EIB is dedicated to fostering entrepreneurship and inclusive growth in the country, helping businesses overcome barriers to their development. As we address the pressing need to enhance access to long-term finance, including in local currency, we pave the way for a more resilient and innovative future for Armenia’s business ecosystem.”
Head of the EU Delegation to Armenia, Ambassador Vassilis Maragos said, “With this support to the Armenian MSMEs, we are delivering on our commitment to further support Armenian private sector and contribute to addressing the pressing need for access to finance. We will build on these efforts by delivering a total of €270 million under the Resilience and Growth Plan in the period 2024-2027. A significant portion of it will be dedicated to business development, particularly in the tech sector, start-ups and new export opportunities, which will support Armenia’s economic diversification. This assistance is part of the Economic and Investment Plan (EIP) for Armenia which is a comprehensive initiative aimed at fostering economic growth, sustainable development, and prosperity in the country.”
This partnership will promote inclusive economic growth and at least 30% of credit will be allocated to women-owned businesses.
