EIB to fund second phase of SME project in Armenia
The European Investment Bank (EIB) will allocate 50 million Euros to Armenia to fund the second phase of a small- and medium-sized enterprise (SME) development project for agricultural industries and agricultural processing, and the tourism sector.
The Central Bank of Armenia (CBA), which is directly receiving the funding from EIB, will make the money accessible to beneficiary companies through intermediary organizations, the CBA press service reports.
EIB Vice President Jan Vapaavouri said they treat the CBA as a reliable partner meeting their expectation to assist SMEs by providing long-term loans on favorable conditions. Vapaavouri said they also expect the allocations to contribute to the diversification of Armenia’s economy and promote job creation.
“I am sure that this loan will enhance the previous loan’s effectiveness in improving the financial affordability of small and medium enterprises,” said Artur Javadyan, Chairman of the Central Bank of Armenia (CBA).
The loan means further successful cooperation between the CBA and EIB under a SME promotion program. The previous €50m loan, which was given in 2014, has been fully distributed, with over 100 business projects, particularly tourism and food processing ones, financed.
The loan allowed financial intermediaries and SMEs to receive technical assistance from the Eastern Partnership Technical Assistance Trust Fund (EPTATF).
The EIV is funding projects in Armenia under the mandate of the Council of the European Union and Eastern Neighborhood (EaP). The 2014-2020 mandate allows the EIB to allocate €4.8bn against the EU security to support projects that are of interest to both the EU and its eastern neighbors, to develop the private sector, socio-economic infrastructure and deal with climate changes.
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