| Project Detail |
Location:
Armenia
Project number:
55803
Business sector:
Financial institutions
Notice type:
Private
Environmental category:
FI
Approval date:
05 Nov 2024
Status:
Approved
English-language PSD published:
10 Dec 2024
Provision of a senior loan to Converse Bank ("CB") of up to USD 5 million under the SME Competitiveness and Inclusion Programme in Eastern Partnership ("EaP SMECI") established by the EBRD in cooperation with the European Union ("EU") to be on-lent to eligible micro, small and medium sized enterprises ("MSMEs").
Project Objectives
The project will enable CB to finance long-term investments of Armenian MSMEs in upgrading their production facilities and processes to achieve compliance with the EU standards, including investments in sustainable and green technologies, thus facilitating competitiveness of Armenian MSMEs in the European and domestic markets. In addition to long-term financing, eligible sub-borrowers will benefit from investment incentives upon successful completion of their investment projects. At least 70 per cent of all financed sub-loans are expected to be compliant with EBRD Green Economy Transition ("GET") approach.
The project will also include a new voluntary window Refugee Response Window for Armenia ("RRWA") dedicated and designed to address challenges faced specifically by displaced people as well as MSMEs in host communities. In addition to SMECI investment incentives, the RRWA will offer enhanced incentives to underserved, yet bankable refugee population, as well as MSMEs in host communities to integrate and on-board refugees into their workforce. |
