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In Armenia, SMEs are an important source of economic growth. The loan agreement for an amount of 10 million dollars, signed between Armeconombank and Proparco aims to support the bank in its objective of supporting Armenian SMEs. The bank is also committed to dedicate 10% of the loan amount to green projects with climate co-benefits (renewable energy and energy efficiency).

"Proparco is delighted to start this partnership with Armeconombank, a bank which targets in particular business segments and sectors important for the development of Armenia such as SMEs, the agricultural sector as well as climate projects. By relying in particular on an extensive network of branches and its digital offering, the bank will be able to use this financing to increase its customer portfolio at a time when this support is particularly necessary», says Emmanuel Haye, deputy head of the Financial Institutions Debt Group.

The project will thus contribute to SDG 8 (Decent Work and Economic Growth), 9 (Industry, Innovation and Infrastructure) and 13 (Climate Change Action).

Armeconombank continues to actively participate in the development of the country’s economy, the evidence of which are more than 90 successful projects with international reputable organizations behind.  

About Proparco

Proparco is the private sector financing arm of Agence Française de Développement Group (AFD Group). It has been promoting sustainable economic, social and environmental development for over 40 years. Proparco provides funding and support to both businesses and financial institutions in Africa, Asia, Latin America and the Middle-East. Its action focuses on the key development sectors: infrastructure, mainly for renewable energies, agribusiness, financial institutions, health and education.

Its operations aim to strengthen the contribution of private players to the achievement of the Sustainable Development Goals (SDGs) adopted by the international community in 2015. To this end, Proparco finances companies whose activity contributes to creating jobs and decent incomes, providing essential goods and services and combating climate change. For a World in Common.