The European Investment Bank (EIB) continues encouraging the sustainable financing of the private sector in Armenia.

The Central Bank of Armenia said it was signed a 50 million Euro loan agreement with EIB with the purpose of funding SME projects.

Loans will be mainly provided aimed at encouraging exports, and implementing tourism, agriculture and agricultural reprocessing projects.

Cenbank president Arthur Javadyan said: “The EIB-funded loan programs have special role in terms of increasing financial accessibility and affordability in Armenia. Through these projects the local business is guided toward competitive and sustainable development, while a green financing culture is being established in mediator financial organizations.”

Since 2014, EIB and Armenia’s central bank have implemented 100 million Euro worth of SME funding projects.