Acba bank to lend $10 million EBRD loan to green farms, micro and small enterprises

01.07.2021 14:26
Acba bank to lend $10 million EBRD loan to green farms, micro and small enterprises

YEREVAN, July1. /ARKA/. Acba Bank and the European Bank for Reconstruction and Development (EBRD) signed a loan agreement in the amount of $10 million. According to Acba bank  press service,  the funds provided by the EBRD will be channelled into financing green farms,  micro, small and medium-sized businesses in Armenia. The attracted funds will be allocated both in Armenian drams and in US dollars.

"Acba bank and the European Bank for Reconstruction and Development have a rich history of partnership. Thanks to this cooperation, we will have the opportunity to stimulate and contribute to the development of green farms, as well as micro, small and medium-sized enterprises," said Executive Director of Acba bank Akop Andreasyan.

The package is being provided to Acba bank under the EBRD’s Green Economy Financing Facility (GEFF) programme and the EU4Business-EBRD credit line with incentives for on-lending to local enterprises for investments in climate-change mitigation and adaptation as well as for upgrading technologies and services to EU standards while promoting the use of green technologies.

This is the first project to be signed in Armenia under the EU4Business-EBRD Credit Line, paving the way for more banking clients to join this new framework.

The EU4Business-EBRD credit line helps local companies increase their standards, upgrade production, improve the working conditions of their employees and boost competitiveness on local and international markets. At least 70 per cent of any loan will finance investments in green technologies. Borrowers are eligible to receive incentive grants and technical advice, both funded by the European Union under its EU4Business initiative.

The EBRD’s GEFF programme supports businesses and homeowners wishing to invest in green technologies. Eligible projects include investments in technologies such as thermal insulation, photovoltaic solar panels, geothermal heat pumps and water-efficient irrigation systems. GEFF also includes a comprehensive package of technical advice, which helps to identify and verify green investment opportunities. Businesses can find green technologies commonly available in Armenia using the ACBA Bank is among the leading banks in Armenia, offering a full range of services to individuals and SMEs. It is the fourth-largest bank in Armenia in terms of assets, with a dominant position in lending to the agricultural sector and micro, small and medium-sized enterprises in rural areas.

ACBA Bank is among the leading banks in Armenia, offering a full range of services to individuals and SMEs. It is the fourth-largest bank in Armenia in terms of assets, with a dominant position in lending to the agricultural sector and micro, small and medium-sized enterprises in rural areas. The bank runs 62 branches and employs 1,500 people. - 0--


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