Thursday, October 24 2024 14:12
Alina Hovhannisyan

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

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).

POST A COMMENT
Input digits     


News
Evocabank became the first bank to join Idram’s open QR infrastructure.Evocabank became the first bank to join Idram’s open QR infrastructure.
Multicomponent semiconductor and silicon-photonic microcircuit  production to be established in ArmeniaMulticomponent semiconductor and silicon-photonic microcircuit  production to be established in Armenia
Diplomat: China is ready to cooperate closely with Armenia in nuclear  energyDiplomat: China is ready to cooperate closely with Armenia in nuclear  energy
No obstacles to residents planning import of electric cars - MPNo obstacles to residents planning import of electric cars - MP
Armenia`s minister of finance forecasts 5.5% share of budget deficit  in GDP next year Armenia`s minister of finance forecasts 5.5% share of budget deficit  in GDP next year 
Housing programme in Armenia`s border regions to be continued next  year Housing programme in Armenia`s border regions to be continued next  year 
No pension rise next year -minister No pension rise next year -minister 
Employment situation should be assessed based on annual indicators -  ministerEmployment situation should be assessed based on annual indicators -  minister
Armenia`s minister of finance forecasts 5.8% and 5.6% GDP growth for  2024, 2025 respectivelyArmenia`s minister of finance forecasts 5.8% and 5.6% GDP growth for  2024, 2025 respectively
Ardshinbank Participates in Banking Forum 2024Ardshinbank Participates in Banking Forum 2024
Acba Bank starts public placement of coupon non-documentary AMD bonds  to amount of AMD5bln Acba Bank starts public placement of coupon non-documentary AMD bonds  to amount of AMD5bln 
25% Off on RIA Money Transfers to Ukraine at AraratBank25% Off on RIA Money Transfers to Ukraine at AraratBank
SRC warns: From 2025, duty-free import to be applicable to electric  cars no more than 2 years oldSRC warns: From 2025, duty-free import to be applicable to electric  cars no more than 2 years old
National payment system Armenian Card launches the ArCa Pay systemNational payment system Armenian Card launches the ArCa Pay system
Armenia sent proposals to Russia for a second time regarding an  interstate agreement in mass telecommunicationsArmenia sent proposals to Russia for a second time regarding an  interstate agreement in mass telecommunications
New assistance programme for IT companies plannedNew assistance programme for IT companies planned
Tax revenues 10% up in Armenia in Jan-Oct 2024 as compared with same  period last year Tax revenues 10% up in Armenia in Jan-Oct 2024 as compared with same  period last year 
Steps to improve salary fund management quality planned in Armenia Steps to improve salary fund management quality planned in Armenia 
Armenia`s public underestimates mining industry - ZCMC repArmenia`s public underestimates mining industry - ZCMC rep
Demand for copper 30mln tons, to increase twice -ZCMC rep Demand for copper 30mln tons, to increase twice -ZCMC rep 
Armenia imports mostly from Russia  and exports mainly to UAEArmenia imports mostly from Russia  and exports mainly to UAE
Ministry of Economy discussed potential of attracting highly  qualified labor from IndiaMinistry of Economy discussed potential of attracting highly  qualified labor from India
The program The program "Intellectual Property as Driving Force for Sustainable  Development of Armenian Winemaking" launched in Yerevan
Armenia`s per capita debt increased to $4.1 thousand, indicating a  growing burdenArmenia`s per capita debt increased to $4.1 thousand, indicating a  growing burden
Armenia`s ruling party discusses economic reforms Armenia`s ruling party discusses economic reforms 
UBA head does not find Armenian bank interest rates highUBA head does not find Armenian bank interest rates high
The birth rate is decreasing and the death rate is increasing in ArmeniaThe birth rate is decreasing and the death rate is increasing in Armenia
By October 1, the population of Armenia increased by 3.8%, exceeding 3 million peopleBy October 1, the population of Armenia increased by 3.8%, exceeding 3 million people
First BANKING FORUM-2024  held in YerevanFirst BANKING FORUM-2024  held in Yerevan
Armenia has traditionally maintained a negative migration balanceArmenia has traditionally maintained a negative migration balance
4,401,021 AMD to COAF. The November beneficiary is “Armenia Tree Project”4,401,021 AMD to COAF. The November beneficiary is “Armenia Tree Project”
Armenia to impose ban on export of ferrous and non-ferrous metal  scrap and wasteArmenia to impose ban on export of ferrous and non-ferrous metal  scrap and waste
CE Congress of Local and Regional Authorities to conduct monitoring  in Armenia CE Congress of Local and Regional Authorities to conduct monitoring  in Armenia 
EIB to provide EUR 236mln for construction of Sisian-Kajaran section  of North-South motorwayEIB to provide EUR 236mln for construction of Sisian-Kajaran section  of North-South motorway
EIB to support energy efficiency programme in Yerevan EIB to support energy efficiency programme in Yerevan 
Fair taxation results in benefit restrictions Fair taxation results in benefit restrictions 
EFSD sponsors tunnel construction on North-South motorway EFSD sponsors tunnel construction on North-South motorway 
By the end of 2025, Armenia`s public debt to increase by nearly 900  billion drams- Minister of FinanceBy the end of 2025, Armenia`s public debt to increase by nearly 900  billion drams- Minister of Finance
Armenia plans to secure $1.3 billion for the southern section of the  North-South construction`s program.Armenia plans to secure $1.3 billion for the southern section of the  North-South construction`s program.
GDP growth in Armenia in 2025 expected to be in line with potential:  Central Bank HeadGDP growth in Armenia in 2025 expected to be in line with potential:  Central Bank Head
Go Digital or Go Home: Sergey ArakelyanGo Digital or Go Home: Sergey Arakelyan
Ardshinbank Recognized as Leader in Armenia’s Secondary Corporate Bond MarketArdshinbank Recognized as Leader in Armenia’s Secondary Corporate Bond Market
Threshold for bad accounts receivable to be raised in Armenia Threshold for bad accounts receivable to be raised in Armenia 
Yes to cashless! - cruises and gifts for AraratBank MC cardholdersYes to cashless! - cruises and gifts for AraratBank MC cardholders
Priorities of Armenian-Iranian cooperation discussed in Yerevan Priorities of Armenian-Iranian cooperation discussed in Yerevan 
Armenia participating in 7th International Import ExpoArmenia participating in 7th International Import Expo
Gevorg Papoyan: $250 million needed to launch Amulsar mineGevorg Papoyan: $250 million needed to launch Amulsar mine
Security Council Chief of Armenia highlighted the importance of  enhancing bilateral economic relations in a meeting with Iranian  expertsSecurity Council Chief of Armenia highlighted the importance of  enhancing bilateral economic relations in a meeting with Iranian  experts
AraratBank: Five-Time Winner at AMX Awards 2024AraratBank: Five-Time Winner at AMX Awards 2024
Most Armenian respondents opposed closure of Metsamor NPPMost Armenian respondents opposed closure of Metsamor NPP
Economy Minister clarifies factors leading to decreased exports to  EUEconomy Minister clarifies factors leading to decreased exports to  EU
EU program to rebrand Armenian cognac to begin in second half of  NovemberEU program to rebrand Armenian cognac to begin in second half of  November
.Armenia plans to attract 2 grants from EU for construction of  North-South road section.Armenia plans to attract 2 grants from EU for construction of  North-South road section
Legal issues of transfer of Armenian government`s shares to Masdar  discussed Legal issues of transfer of Armenian government`s shares to Masdar  discussed 
EU could provide EUR 235mln to Armenia for resilience improvement  programme EU could provide EUR 235mln to Armenia for resilience improvement  programme 
Head of Armenian NA committee reports information Head of Armenian NA committee reports information "to consider"
Armenia, Turkey ministers discuss potential usage of idle  infrastructures - SanosyanArmenia, Turkey ministers discuss potential usage of idle  infrastructures - Sanosyan
Minister:  In 2024, Iran to supply Armenia with significantly higher  amount of natural gas compared to previous yearsMinister:  In 2024, Iran to supply Armenia with significantly higher  amount of natural gas compared to previous years
The state should establish strict rules for its relations with  investors, rather than engaging in promiscuous partnerships with them  - Artur AshugyanThe state should establish strict rules for its relations with  investors, rather than engaging in promiscuous partnerships with them  - Artur Ashugyan
AraratBank Initiates a Panel Discussion on AI and LeadershipAraratBank Initiates a Panel Discussion on AI and Leadership
Read more
Exchange rates
12.11.2024
RUB3.950.00
USD387.510.15
EUR411.46-1.85
GBP496.75-2.21
CAD277.57-0.49
JPY25.15-0.05
CNY53.55-0.27
CHF439.06-1.42