The Yerevan-based ACBA-CREDIT AGRICOLE BANK and the European Bank for Reconstruction and Development (EBRD) have concluded a loan agreement to the tune of $17 million, the bank’s press service reported.
It said ACBA-CREDIT AGRICOLE BANK will channel the loan into financing small and medium-sized businesses. According to a bank press release, $3 million will spent on financing enterprises established or headed by women under the Women in Business program, and another $4 million will provided for the implementation of energy-efficient projects through ACBA-Leasing, a member of the ACBA-CREDIT AGRICOLE financial group.
Under the agreement with the EBRD, ACBA-CREDIT AGRICOLE BANK will finance SMEs mainly in Armenian drams.
ACBA was established in 1996 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.
