Armenia: New EFSE Investment to Expand Financing for MSEs
The European Fund for Southeast Europe (EFSE) has provided a local currency loan equivalent to $10 million to Armenian partner ACBA-CREDIT AGRICOLE BANK to expand access to financing for micro and small enterprises (MSEs). The investment will allow over 3,000 new loans to be issued to Armenian entrepreneurs in their own local currency.
The fourth largest bank in the country, ACBA-CREDIT AGRICOLE BANK is the top provider of financing for micro, small, and medium enterprises. The bank is a long-standing strategic partner of EFSE that shares the fund’s commitment to fostering sustainable development by providing entrepreneurs with the financing and tools they need to succeed. By obtaining MSE-dedicated financing in Armenian dram, local businesses are able to fund their growth and long-term development while protected from exchange rate risks – a hazard that can weigh heavily on the viability of smaller-sized enterprises.