ACBA Credit Agricole Bank - Syndicated Loan



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

30 Sep 2008



PSD disclosed:

08 Aug 2008

Project Description

The EBRD is considering a senior loan to ACBA-Credit Agricole Bank for on-lending to micro, small and medium-sized enterprises (MSMEs). The loan, which is expected to be syndicated, will assist the bank to expand its lending activities to farmers and private sector Armenian entrepreneurs, particularly outside of the capital.

Transition Impact

The loan will increase supply of medium-term funding and will allow an increasing number of farmers and MSMEs to have access to bank financing. By supporting one of the leading local banks, EBRD will add to the overall lending capability of the banking sector in Armenia and will provide strong demonstration effect to other Armenian banks.

The Client

ACBA-Credit Agricole Bank is a leading bank in Armenia ranking third by total assets (US$ 280 million) as of end March 2008. The bank initially focussed on MSE and agricultural lending and has successfully developed into a universal bank with a wide range of products. Credit Agricole, one of the leading financial services companies in Europe, is the bank’s largest shareholder with 28 per cent equity stake.

EBRD Finance

Senior loan of up to US$ 50 million, of which EBRD will retain up to US$ 25 million and will seek to syndicate up to US$ 25 million.

The loan will be split between MSE and SME facilities in a ratio of 7 to 3.

Project Cost

Up to US$ 50 million.

Environmental Impact

Screened FI. The client has developed and is implementing environmental procedures to meet the basic environmental requirements of EBRD. The procedures aim at implementing principles of sound and sustainable environmental development and crediting only those operations which conform to EBRD's Environmental Exclusion and Referral Lists and comply with the health, safety, worker protection and environmental regulations and standards applicable in Armenia.

Technical Cooperation

As part of the Armenia Microlending Programme, Institution building technical assistance has been previously provided to ACBA-Credit Agricole through donor funds provided by USAID and the multi-donor Early Transition Countries multi-donor fund.

The bank has also benefited from technical assistance for Medium-Sized Co-financing Facility funded by the multi-donor Early Transition Countries multi-donor fund.

For consultant opportunities for projects financed by technical cooperation funds, visit procurement of consultants.

Company Contact

Styopa Zakinyan
Head of Division for Strategic Planning
1 Byron St,
375009 Yerevan, Armenia

Tel:+37410 58 30 65


Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP 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. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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 how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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