YEREVAN, December 4. /ARKA/. Acba Bank in cooperation with the European Union and the European Bank for Reconstruction and Development (EBRD) and with the support of Sweden has attracted financial resources in the amount of $10 million in AMD equivalent, the press service of the bank reported.

The loan provided under the EBRD’s Women in Business (WiB) program will  help the bank to  boost lending to women-led businesses in local currency, with an emphasis on reaching new clients and financing firms in rural areas.

This joint initiative with the EU and EBRD will contribute to the development of small and medium-sized enterprises in Armenia run by women.

"The new resources will enable women to be more active and bold in business initiatives. Acba Bank has significant achievements in lending to women's businesses, with women playing quite an active role in the small and medium-sized sector of the economy," said Acba Bank CEO Hakob Andreasyan.

"As a result of our long-standing cooperation with Acba Bank, we have already realized a number of projects. This loan will be provided in two stages: 6 million will be provided in the first stage and the remaining 4 million will be provided next year. The EU has provided us with additional financing in the form of guarantees, which make our loan more affordable. This is a multi-benefit program. Acba has a good portfolio of clients: we are very happy to assist it," said Alkis Vrienios Drakinos, EBRD Regional Manager for the Caucasus.

Acba Bank has been cooperating with the EBRD since 2003. To date, the EBRD has invested more than €2 billion in 207 projects in Armenia, promoting private sector and green economy development.

The bank is controlled by the Central Bank of Armenia. -0-