Acba bank, in cooperation with the European Union and the European Bank for Reconstruction and Development and with the support of Sweden, has raisedfinancial resources in AMD equivalent to 10 million dollars.

Acba bank will direct the raised funds to the financing of women entrepreneurs in Armenia. Acba accumulated these funds within the framework of the "Women in Business" program.

This initiative with the European Union and the EBRD will further develop small and medium enterprises in Armenia, whose managers are women. The bank will prioritize lending to businesses located in rural areas and provide loans in the local currency.

"The new resources will empower women to take a more proactive and confident approach in their business initiatives. Acba bank has already achieved notable success in providing loans to support women's business activities - women have a fairly active role in the activities of the small and medium sector of the economy," stated Hakob Andreasyan, CEO at Acba bank OJSC.

"As a result of our long-term cooperation with Acba bank, we have successfully completed various projects.The loan agreement we have signed will be disbursed in two stages: 6 million will be provided in the first stage, and the remaining 4 million will be provided next year. The EU has also provided us with additional financial support in the form of guarantees, making our loan from Acba bank more cost-effective.

This is a multifaceted beneficial program. Acba has a good portfolio of clients, we are very happy to support Acba," said Alkis Vryenios Drakinos, EBRD's Caucasus regional head.

Acba bank has been cooperating with EBRD since 2003. To date, the EBRD has invested more than 2 billion euros in 207 projects in Armenia, supporting the development of the private sector and "green" economies.

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