Release date: 20 November 2025
Promoter – Financial Intermediary
INDUSTRIAL CONSTRUCTION BANK OJSCLocation
Description
The facility consists of a loan to Ardshinbank to support of micro, small- and medium-sized enterprises (MSMEs) and mid-caps in Armenia.
Additionality and Impact
The operation aims to finance eligible small and medium sized investments undertaken by micro-, small- and medium-sized enterprises (MSMEs) and Mid-Caps in Armenia, thereby contributing to economic resilience, employment generating activities and alleviating the economic burden of the recent displacement crisis in the country. 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 expansion of MSMEs, and the proposed operation is expected to address these problems.
The operation is in line with the EU priorities in Armenia. Notably, the 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.
Objectives
The aim is to contribute to finance eligible projects promoted by the final beneficiaries in the country.
Sector(s)
- Credit lines - Credit lines
Proposed EIB finance (Approximate amount)
EUR 100 million
Total cost (Approximate amount)
not applicable
Environmental aspects
The intermediary will take all the requisite measures to ensure that the procedures including procurement procedures carried out by the final beneficiaries for the financed sub-projects will comply with national legislation and the EIB's Environmental and Social Standards as well as international treaties and conventions signed and ratified by or otherwise applicable and binding in the country.
Procurement
The Bank will require the intermediary institution to take all requisite measures to ensure that any procurement procedures carried out by final beneficiaries for the sub-projects that the Bank finances are in accordance with the Bank's Guide to Procurement.
Status
Signed - 4/12/2025