- US$ 8 million loan package for Converse Bank to boost competitiveness and green investments, supported by EU, GCF and CIF
- Extra support for displaced Armenians and local companies employing them
- First time Converse Bank has had access to financing via GEFF and EU4Business-EBRD Credit Line facilities
The European Bank for Reconstruction and Development (EBRD) is scaling up its support for Armenia’s micro, small and medium-sized enterprises (MSMEs) with a new US$ 8 million (€7.1 million) financial package for Converse Bank. Backed by the European Union (EU), the Green Climate Fund (GCF) and the Climate Investment Funds (CIF), this financing will help local businesses to enhance their competitiveness while adopting low-carbon and climate-resilient practices.
The financial package was agreed by the EBRD’s Managing Director for Financial Institutions, Francis Malige, and Converse Bank’s CEO, Andranik Grigoryan, on the sidelines of the EBRD’s 2025 Annual Meeting and Business Forum in London.
Of the total package, US$ 5 million (€4.4 million) will be channelled through the EU4Business-EBRD Credit Line and lent on to local firms so that their technology and services can be upgraded in line with EU standards. These investments will promote competitiveness, improve workplace health and safety, and enhance resource efficiency. At least 70 per cent of this funding will be earmarked for investment in green technologies. Borrowers will also benefit from EU-funded technical assistance and incentive grants on successful completion of their projects.
In a targeted effort to support people displaced in Armenia between 2020 and 2023, the EBRD will provide special incentive grants to MSMEs that are led by displaced individuals or hire/train such people, helping to foster sustainable economic integration and long-term community benefits.
The remaining US$ 3 million (€2.6 million) will be allocated through the Green Economy Financing Facility (GEFF), with a focus on climate adaptation and mitigation technologies. Eligible investments – supported by the GCF and the CIF – will include solar photovoltaic systems, geothermal heat pumps, electric vehicles and charging infrastructure. Borrowers will also benefit from technical assistance and additional investment incentives to support these projects.
Converse Bank is one of Armenia’s leading financial institutions and a longstanding EBRD partner, providing services across all market segments through a broad network of branches nationwide. This is the first time that the bank has had access to financing through the GEFF and EU4Business-EBRD Credit Line facilities.
Since the start of its operations in Armenia in 1992, the EBRD has invested more than €2.5 billion in the country across 224 projects.