YEREVAN - The European Bank for Reconstruction and Development (EBRD) has approved a significant credit line of $20 million to support the growth of Armenia's private sector, with a focus on sustainable practices and small and medium-sized enterprises (SMEs). This financial package, announced today, is part of the EU4Business-EBRD Credit Line, which extends across Armenia, Georgia, Moldova, and Ukraine.
The loan is designed to facilitate business expansion and environmental sustainability in line with European Union standards. Out of the total amount, $10 million will be directed toward fostering business growth, particularly benefiting women-led businesses under the Women in Business (WiB) program. The remaining $10 million is earmarked for investments in green technologies, with 70% allocated specifically for adopting such technologies.
In addition to the financial support, beneficiaries will receive free consulting services and may qualify for cash rebates after completing their investments. These incentives are part of the EU SME Competitiveness programme that aims to enhance resource efficiency, implement health and safety measures, and help SMEs diversify their export markets.
Lawrence Meredith (NYSE:MDP) from the European Commission highlighted the dual focus on entrepreneurial and ecological progress in Armenia as a key aspect of this initiative.
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