The OPEC Fund for International Development has signed a $10 million loan agreement with Evocabank CJSC to strengthen micro, small, and medium-sized enterprises (MSMEs) in Armenia. This loan initiative will focus primarily on businesses led by women, as well as projects that improve energy efficiency and promote renewable energy, helping to combat climate change in the region.
OPEC Fund President Abdulhamid Alkhalifa emphasized the significance of this partnership. He said, “Working with Evocabank allows us to address two important development priorities: improving financial access for underserved MSMEs and supporting Armenia’s fight against climate change. This partnership showcases our commitment to fostering sustainable economic development and inclusive growth in Armenia.”
MSMEs are crucial to Armenia’s economy, representing nearly all businesses and providing around 70 percent of jobs. However, many of these enterprises, especially those led by women, struggle to obtain credit. Approximately three-quarters of these businesses cannot access the financing they require.
Karen Yeghiazaryan, Chairman of Evocabank’s Management Board, expressed excitement about the partnership. He stated, “With this $10 million facility, Evocabank can significantly impact the growth of MSMEs in Armenia. This funding gives us a valuable chance to further our mission of promoting business development and driving economic progress in the region. We are eager to provide tailored and accessible financing solutions that will empower MSMEs to overcome challenges, innovate, and expand their operations.”
The OPEC Fund has actively supported Armenia since 2004, committing about $300 million in public and private sector financing to aid financial institutions, SMEs, and sectors like agriculture and energy.
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