EIB Global Partners with Ameriabank to Strengthen Armenia’s Private Sector with €105 Million Loan

EIB Global Partners with Ameriabank to Strengthen Armenia’s Private Sector with €105 Million Loan

(IN BRIEF) EIB Global has granted a €105 million loan to Ameriabank, marking its largest direct loan to a bank in the South Caucasus. The loan aims to support the growth of Armenia’s private sector by providing affordable financing to around 400 micro, small, and medium-sized enterprises (MSMEs), thereby creating approximately 15,000 jobs. At least 20% of the loan will be directed towards green investments. The European Union has backed this initiative with grant funding to ensure affordable interest rates and protect businesses from currency risk. The financing is part of a broader effort to enhance Armenia’s economic resilience, competitiveness, and sustainability, aligned with EU goals for the region. The loan also supports the EU’s long-term strategy for Armenia’s prosperity and diversification, which includes additional investments in tech and export opportunities.

(PRESS RELEASE) LUXEMBOURG, 3-Feb-2025 — /EuropaWire/ — EIB Global has entered into a groundbreaking partnership with Ameriabank, providing a €105 million loan to bolster the Armenian private sector. This marks EIB Global’s largest-ever direct loan to a bank in the South Caucasus region. The loan aims to support the growth of micro, small, and medium-sized enterprises (MSMEs) and mid-caps across Armenia, fostering economic resilience and sustainability while also creating new employment opportunities.

The financing will enable Ameriabank to offer affordable loans to local businesses, benefiting around 400 MSMEs and securing approximately 15,000 jobs. At least 20% of the funds will be allocated towards green investments, aligning with Armenia’s drive to become more environmentally sustainable. Part of the loan will be provided in local currency to mitigate currency risk for businesses, with EU support helping to ensure that interest rates remain affordable.

“This partnership with Ameriabank is a significant milestone in strengthening Armenia’s private sector and promoting sustainable economic growth,” said Teresa Czerwińska, EIB Vice-President responsible for Armenia. “This loan is a key part of our ongoing commitment to supporting Armenia’s economic resilience and aligns with the European Union’s strategic goals for the region.”

The financing is also supported by grant funding from the European Union, which aims to facilitate the financing of up to 30,000 MSMEs as part of its broader initiative to foster sustainable economic growth and competitiveness in Armenia. The operation is a core component of the EU’s Economic and Investment Plan for the Eastern Partnership.

Ambassador Vassilis Maragos, Head of the EU Delegation to Armenia, emphasized the broader impact of this loan: “This support addresses the pressing need for access to finance, particularly in local currency, and is part of the EU’s broader efforts to contribute to Armenia’s long-term prosperity and diversification.” He added that, through the Resilience and Growth Plan, the EU is committed to investing €270 million in Armenia between 2024 and 2027, with a significant portion dedicated to business development, tech startups, and export opportunities.

Ameriabank’s extensive network will ensure that the funds reach underserved businesses, empowering them to expand, enhance their competitiveness, and adopt environmentally responsible practices. Hovhannes Toroyan, CFO of Ameriabank, expressed confidence in the partnership’s potential, stating, “We are excited to collaborate with the European Investment Bank to provide MSMEs in Armenia with the financial support they need to grow and contribute to the country’s sustainable economic future. As the largest lender in Armenia, we are committed to driving sustainable and inclusive development across the nation.”

Background information

About EIB Global 

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives.

EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway. We aim to support €100 billion of investment by the end of 2027 — around one-third of the overall target of this EU initiative. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to people, companies and institutions through our offices across the world.

About Ameriabank

Ameriabank is a leading financial institution in Armenia, a major contributor to the Armenian economy with assets around AMD 1.9 trillion. The Bank has adopted a customer-focused approach to ensure service quality and modern banking experience in an evolving digital environment. Ameriabank is committed to doing business responsibly and advancing Armenia’s transition towards a sustainable future.

Media Contact:

Begum Iman
b.iman@eib.org
+352 4379 – 85212

Press Office

press@eib.org
+352 43791

SOURCE: European Investment Bank