DFC announces $50 million in financing for ACBA Bank to support small  and medium size businesses with a strong focus on women`s  entrepreneurship

ArmInfo.The U.S. Development International Finance Corporation (DFC) today announced a commitment for a $50 million loan to ACBA Bank aimed at expanding financing for small businesses in Armenia, fostering economic growth and empowering entrepreneurship. According to the US Embassy in  Armenia, the Bank will direct at least 50% of the DFC funds to  finance women-owned and women-led businesses, aiming to create more  inclusive economic opportunities.

The start of cooperation was announced during the visit of DFC Deputy  CEO Nisha Biswal to Armenia, emphasizing the U.S. commitment to  supporting economic growth in the region. The document marking the  beginning of cooperation between the parties was signed by ACBA Bank  CEO Hakob Andreasyan and DFC Deputy Director Nisha Biswal. The event  was also attended by U.S. Ambassador to Armenia Khristina Kvien,  Deputy Minister of Economy of Armenia Arman Khojoyan and  USAID/Armenia Mission Director John Allelo.

"Small businesses are the engine of every free market and dynamic  marketplace, generating jobs and opportunities for their communities.  DFC is proud to partner with ACBA Bank, a leading financial  institution in Armenia seeking to promote small businesses and  bolster women's entrepreneurship," said Nisha Biswal.

In turn, Hakob Andreasyan noted that ACBA Bank was the first in  Armenia to launch a partnership with DFC. " Small and medium  enterprises are the backbone of Armenia's economy, driving the  country's growth and employment. This cooperation will not only  provide an additional boost to the development of Armenia's economy,  but also create new opportunities in our communities, ensuring  sustainable growth," said Andreasyan.

As stated in the source, DFC loan funds provided to ACBA Bank  advances the agency's global work to mobilize private investment to  advance development round the work.

During fiscal year 2024, DFC committed more than $12 billion to  projects that expand access to food, energy, modern infrastructure,  healthcare, and financial services. The corporation supports these  projects with loans, equity investments, political risk insurance,  and grants for technical assistance It should be noted that DFC  partners with the private sector to finance solutions to the most  critical challenges facing the developing world today. The  organization invests in such areas as energy, healthcare,  infrastructure, agriculture, and small business and financial  services. Investments adhere to high standards and respect the  environment, human rights and worker rights.

ACBA Bank is one of the leaders of the Armenian banking system, the  absolute leader in financing the country's rural sector. After the  initial public offering (IPO) in 2021, Acba bank has more than 5,500  shareholders. Thanks to the introduction of the latest digital  solutions and the use of new technologies, the Bank continuously  develops the quantity and quality of the financial services provided.  Acba Bank is represented in all regions of Armenia, has 65 branches  and is considered one of the largest employers in the financial  system and the country.  Recall that in the first quarter of 2024,   ACBA Bank topped the list of large taxpayers among Armenian banks,  having paid AMD 3.2 billion, of which 2.7 billion were direct taxes  (including profit tax and income tax).