Ameriabank and the European Bank for Reconstruction and Development (EBRD) signed a USD 10 million loan agreement. The long-term facility will be dedicated to financing of Small and Medium sized Enterprises (SMEs), as well as of energy efficiency (EE) projects in Armenia.

SMEs play an essential role for the development and stability of Armenia’s economy, making more than 40% of the country’s GDP and most of its employment. The loan facility provided by EBRD will support the growth in business activities in Armenia by facilitating access to finance for local SMEs. With EBRD’s energy efficiency financing tailored for private/residential energy efficiency projects in Armenia, Armenian households will improve their wellbeing with more thorough energy efficient “investments”. It will contribute to the development of the clean energy sector while ensuring efficient use of energy both by industrial sector clients as well as by customers in retail segment.

“We are delighted to continue our esteemed partnership with EBRD. This facility will help the Bank to further strengthen its position in the SME and energy efficiency segments contributing to the economic growth of the country,” commented Artak Hanesyan, Ameriabank’s CEO.

The successful cooperation between EBRD and Ameriabank started around five years ago and since then EBRD has extended USD 52 million worth of overall financing facilities to its partner bank.