Tweet
EIB LENDS ARMENIA $61.4 MILLION TO AID SMES
13:06, 09 Dec 2014
The European Investment Bank (EIB) is lending EUR 50 million to
finance projects promoted by SMEs in Armenia, particularly in the
agro-processing, rural and tourism sectors.
The EIB loan is being granted to the Central Bank of Armenia, which
will make the EIB funds available to well-established financial
intermediaries for on-lending to smaller projects. The loan will
target particularly the agro-processing and rural sectors, which play
an important strategic role in terms of development.
EIB Vice-President Wilhelm Molterer, responsible for EIB lending
in Armenia, commented: "This is the first EIB loan extended via a
Central Bank in the EU's Eastern Partnership. We are proud of this
innovative cooperation, which underpins our engagement in Armenia."
Chairman of the Central Bank of Armenia Arthur Javadyan, added:"
This loan to SMEs will complement our long-term fruitful cooperation
and increase the EIB's role in the sustainable development of the
Armenian economy."
Even though Armenia's SMEs account for the majority of businesses in
the country, their contribution to GDP, employment, foreign trade
and foreign investment remains low. The provision of affordable
targeted loans to facilitate the adoption of modern technologies is a
precondition for the development of the Armenian SME sector. The loan
is in line with the objectives of the EIB's mandate for lending outside
the EU, which focuses on the development of the local private sector,
in particular support for SMEs, social and economic infrastructure
and climate change mitigation and adaptation.
http://www.armradio.am/en/2014/12/09/eib-lends-armenia-61-4-million-to-aid-smes/
13:06, 09 Dec 2014
The European Investment Bank (EIB) is lending EUR 50 million to
finance projects promoted by SMEs in Armenia, particularly in the
agro-processing, rural and tourism sectors.
The EIB loan is being granted to the Central Bank of Armenia, which
will make the EIB funds available to well-established financial
intermediaries for on-lending to smaller projects. The loan will
target particularly the agro-processing and rural sectors, which play
an important strategic role in terms of development.
EIB Vice-President Wilhelm Molterer, responsible for EIB lending
in Armenia, commented: "This is the first EIB loan extended via a
Central Bank in the EU's Eastern Partnership. We are proud of this
innovative cooperation, which underpins our engagement in Armenia."
Chairman of the Central Bank of Armenia Arthur Javadyan, added:"
This loan to SMEs will complement our long-term fruitful cooperation
and increase the EIB's role in the sustainable development of the
Armenian economy."
Even though Armenia's SMEs account for the majority of businesses in
the country, their contribution to GDP, employment, foreign trade
and foreign investment remains low. The provision of affordable
targeted loans to facilitate the adoption of modern technologies is a
precondition for the development of the Armenian SME sector. The loan
is in line with the objectives of the EIB's mandate for lending outside
the EU, which focuses on the development of the local private sector,
in particular support for SMEs, social and economic infrastructure
and climate change mitigation and adaptation.
http://www.armradio.am/en/2014/12/09/eib-lends-armenia-61-4-million-to-aid-smes/