| Project Detail |
Location: Armenia Project number: 55403 Business sector: Financial institutions Notice type: Private Environmental category: BE Approval date: 16 Apr 2024 Status: Approved PSD disclosed: 18 Apr 2024 Provision of a senior loan to Inecobank (IB) of up to USD 7 million under the SME Competitiveness and Inclusion Programme in Eastern Partnership (EaP SMECI) established by the European Bank for Reconstruction and Development (EBRD) in cooperation with the European Union (EU) to be on-lent to eligible micro, small and medium sized enterprises (MSMEs). Project Objectives The project will enable IB to finance long-term investments of Armenian MSMEs in upgrading their production facilities and processes to achieve compliance with the EU standards, including investments in sustainable and green technologies, thus facilitating competitiveness of Armenian MSMEs in the European and domestic markets. In addition to long-term financing, eligible sub-borrowers will benefit from investment incentives upon successful completion of their investment projects. At least 70 per cent of all financed sub-loans are expected to be compliant with EBRD Green Economy Transition (GET) approach. |
