Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

23 Aug 2022



PSD disclosed:

31 Aug 2022

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

Senior unsecured loan in the amount of up to USD 4 million to ACBA Bank for on-lending to women-led MSMEs under the Women in Business (WiB) Programme in the Eastern Partnership countries.

Project Objectives

The proposed loan will promote further women's entrepreneurship and women's participation in business facilitating access to finance, know-how and advice. It will further strengthen ACBA`s customer base and further support and encourage developing new products in the local banking sector with specific focus on women-led SMEs and growth of medium and long-term financing.

Transition Impact

ETI score: 80

Inclusive: The Project will address the "medium" gender related inclusion gap for access to finance in Armenia. In conjunction with TC and FLRC, the WiB loan will encourage ACBA to continue undertaking changes in their business model and delivery mechanisms and to develop, test and roll out new financial and non financial products tailored for the women-led MSMEs, with a specific focus on micro enterprises, start-ups and outreach to new customers.

Competitive: In line with FIF market expansion objectives, the project will support ACBA's lending to women-led MSMEs in Armenia by 1.4x of EBRD's funding. This transaction is expected to encourage ACBA to further expand its lending to women-led MSMEs over and above the EBRD investment, with a focus on regional outreach and new clients.

Client Information


ACBA bank is a long-standing partner bank of EBRD since the first engagement in 2003 and one of the leading banks in Armenia. ACBA is the 4th largest bank by total assets with a dominant position in lending to agriculture and MSMEs in rural areas in particular.

ACBA's shareholders are:

  • ACBA Federation CJSC, non-profit organization, which consolidates 10 Agri unions in Armenia- 83.80%;
  • Credit Agricole S.A. through its subsidiary Sacam International SJSC - 4.55%;
  • more than 5,000 shareholders, including legal entities and individuals - 11.65% (shares are listed on Armenia Securities Exchange).

EBRD Finance Summary

USD 4,000,000.00

Total Project Cost

USD 4,000,000.00


Financing Structure: EBRD will provide long-term financing to ACBA bank available in USD or LCY in a market where short-term assets and liabilities prevail.

Standard-setting: helping projects and clients achieve higher standards: WiB Loan will address the gaps in available financing for Women SMEs and the lack of an integrated response to such gap, either from private sector institutions or other IFIs. Additionality is evidenced by the presence of TC support and a risk cover aimed to support ACBA to increase lending to the underdeveloped WiB segment.  ACBA will also benefit from EBRD's experience in previous ASB activities and stand-alone WiB operations in the EaP countries, as well as relevant activities in other countries of operation.

Environmental and Social Summary

Categorised FI (2019 ESP). ACBA is a long-standing client of the EBRD an ACBA's past performance and annual environmental and social (E&S) reporting to date for the existing exposures has been satisfactory. ACBA will need to continue to comply with PRs 2, 4 & 9 and further comply with the EBRD's Environmental and Social Procedures for Corporate Loans, SME and Micro Loans, and TFP Environmental and Social Procedures; adhere to the updated EBRD's Environmental and Social Exclusion List as well as Referral List introduced with ESP 2019 and submit Annual E&S Reports to the Bank. ACBA's borrowers will be required to comply with applicable national environmental, health and safety and labour requirements.  If any EBRD funds will be utilised to fund solar sub projects, such sub-projects should be managed in line with 'The Proposed Management Approach for Solar Supply Chain Risk Management' (CS/FO/21-35), (CS/FO/21-35 (Add 2)) and any subsequent guidance developed under that approach.

Technical Cooperation and Grant Financing

TC: The EaP WiB TC Programme includes two linked components: (i) Capacity Building to PFIs to implement the Programme and a range of cross-cutting activities in support of Programme promotion and management; and (ii) Women-led SMEs access to now-how (Advice for Small Businesses). The source of donor funding is Sweden.

Non-TC: The project is supported by First Loss Risk Cover of up to 10% of the loan portfolio with a cap of 70% for any single sub-loan funded by the EBRD Small Business Impact Fund. The AMD portion of the loan will also benefit from FLRC of 12.5% under the SME LCY Programme.


Company Contact Information

Anzhelika Baghramyan
+ 374 10 31 8888
82-84 Aram str. / 0002 Yerevan / Republic of Armenia

PSD last updated

31 Aug 2022

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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