Provision of a senior unsecured loan in the amount of up to USD 10 million to Ameriabank for on-lending to women-led MSMEs under the Women in Business (WiB) Programme in the Eastern Partnership countries.
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 Ameriabank`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.
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 non-TC, the WiB loan will encourage Ameriabank to continue undertaking changes in their business model and delivery mechanisms and to develop, test and roll out new 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 Ameriabank's lending to women-led MSMEs in Armenia by 1.3x of EBRD's funding. This transaction is expected to encourage Ameriabank to further expand its lending to women-led MSMEs above the EBRD investment, with a focus on regional outreach and new clients.
Ameriabank is the largest of the 17 banks in the Armenian banking sector by total assets (market share of 15.7% and a balance sheet of USD 2.2bln as of Q3 2021). AB is also the market leader by equity size, loan portfolio and net profit. It operates through 22 branches in major cities and most populated regions, employing staff of over 1100.
EBRD Finance Summary
Total Project Cost
Financing Structure: EBRD will provide targeted term funding (medium to long term tenors), which otherwise will remain unavailable for financial institutions and companies in Armenia.
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 Ameriabank to increase lending to the underdeveloped WiB segment. Ameriabank 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). Ameriabank's past performance and annual environmental and social (E&S) reporting to date for the existing exposures has been satisfactory. Ameriabank will be required to continue to comply with PRs 2, 4 & 9, implement the applicable environmental and social procedures and submit annual environmental and social reports to the Bank.
Technical Cooperation and Grant Financing
TC: Ameriabank will benefit from the TA support under the EaP WiB TC Programme, funded by Sida (Sweden), EBRD Early Transition Countries Fund (ETCF) and the EU-NIF through the EU4Business Initiative. The TC includes two linked components: (i) capacity building to PFIs to implement the Programme and a range of cross-cutting activities in support of the Programme promotion and management; (ii) women-led SMEs access to know-how (Advice for Small Businesses).
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.
Company Contact Information
PSD last updated
14 Dec 2021
Further information regarding the EBRD’s approach to measuring transition impact is available here.
For business opportunities or procurement, contact the client company.
For business opportunities with EBRD (not related to procurement) contact:
Tel: +44 20 7338 7168
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 email@example.com. 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 firstname.lastname@example.org to get guidance and more information on IPAM and how to submit a request.