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The project consists of a double-intermediated facility with the Central Bank of the Republic of Armenia (CBA) to support the economic recovery and resilience of the country by enhancing the access to financing for micro, small, medium-sized enterprises (SMEs) and mid-caps.
The aim is to contribute to support SMEs and mid-caps in Armenia that carry out projects complying with EIB's eligibility criteria.
The operation aims to support private sector development and provide financing to projects promoted by micro-, small-, and medium-sized enterprises (MSMEs) and Mid-Caps in Armenia, through credit line to the Central Bank of Armenia, which would on-lend the proceeds to local banks, which would in turn channel the funds to local enterprises, thereby promoting inclusive growth, sustaining employment and reinforcing long-term economic resilience. MSMEs make up the vast majority of firms in Armenia and, as such, play a vital role in creating and safeguarding employment. Lack of access to long-term finance has been identified as one of the most significant obstacles to the growth of MSMEs, and the proposed operation is expected to address this issue. The proposed operation would provide Armenian banks with long-term funding in local currency that will enable them to provide attractive products focused on specific financially underserved segments ? businesses outside the capital city of Yerevan and the female entrepreneurs, as well as on green projects.
The proposed operation responds to the European Neighbourhood Policy and the Joint Communication on the Eastern Partnership policy beyond 2020, which puts a strong emphasis on access to finance for MSMEs with a view to achieve an inclusive and fair economy for all. The operation would make a strong contribution to the Resilience and Growth Plan for Armenia for the period 2024-2027, aiming at building up Armenia's socio-economic resilience, while supporting trade diversification.
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.
Under EFSD+ Guarantee