YEREVAN, June 25. /ARKA/. The European Bank for Reconstruction and Development (EBRD) said today it is providing a US$ 20 million loan to ACBA-CREDIT AGRICOLE BANK for on-lending to private companies in Armenia that have been affected by the economic impact of the coronavirus pandemic.

ACBA-Credit Agricole, a long-standing partner bank of the EBRD since 2003, is one of the leading banks in Armenia with a strong position in lending to agriculture and micro, small and medium-sized enterprises (MSMEs) in rural areas in particular. With its network of 60 branches in all regions of Armenia, it can reach out to many clients that may be affected by this volatile period.

The EBRD remains an important partner in Armenia during the Covid-19 crisis and the new financing is part of the efforts to help combat the impact of the coronavirus and support the recovery.

The EBRD is committed to providing support worth €21 billion over 2020-21 to the 38 economies where it currently invests. The support includes a Resilience Framework for existing clients, offering short-term liquidity and working capital.

The EBRD is a leading institutional investor in Armenia. The Bank has invested close to €1.5 billion across 183 projects in the country to date, where it is supporting private sector development and the transition to a sustainable, green economy.

ACBA was established in 1995 as part of EU’s TACIS program. As a result of a long-term and mutually beneficial cooperation between ACBA Bank and the French Credit Agricole the latter became the biggest shareholder of ACBA in 2006, September. ACBA was restructured, becoming a closed joint stock company and was renamed ACBA CREDIT AGRICOLE BANK. -0----