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Society

Converse Bank and EBRD sign two loan facilities totaling US$ 8 million to support MSMEs and green projects

Converse Bank and the European Bank for Reconstruction and Development (EBRD) signed two loan agreements totaling US$ 8 million during the EBRD’s Annual Meeting in London.

Of the total amount, the AMD equivalent of US$ 5 million will be allocated to financing investment projects of micro, small, and medium-sized enterprises (MSMEs) in Armenia through the EU4Business–EBRD Credit Line under the EU-supported SME Competitiveness and Inclusion Programme (SMECI). The remaining US$ 3 million will be directed toward financing green projects under the Green Economy Financing Facility (GEFF).

The SMECI Programme aims to support Armenian MSMEs in aligning their operations with best practices in product quality and environmental protection, while also promoting the adoption of green technologies. Under the programme, Converse Bank’s clients will benefit from EU-funded technical assistance and investment incentives in the form of grants of up to 15% of the loan principal.

The programme also includes a special component targeting individuals displaced in Armenia between 2020 and 2023. In addition to the standard grant incentives, additional support will be available to refugee-owned businesses to help them re-establish their entrepreneurial activity, as well as to businesses that offer employment opportunities to displaced individuals.

The GEFF Programme aims to support local businesses by boosting productivity and fostering sustainable economic growth through the adoption of innovative, energy-efficient technologies. Borrowers will also benefit from technical assistance and additional investment incentives to support the implementation of their projects, supported by the Green Climate Fund and Climate Investment Funds (CIF). 

The agreements were signed by Francis Malige, EBRD Managing Director for Financial Institutions, and Andranik Grigoryan, Chief Executive Officer of Converse Bank.

 “We greatly value our long-standing and effective cooperation with the EBRD,” said Mr. Grigoryan. “These new agreements will enable the Bank to significantly expand access to finance for companies operating across various sectors of the Armenian economy, contributing to both business growth and overall economic development.”

Speaking on the programme’s social component, Mr. Grigoryan added:

“I would particularly like to highlight the social impact of the SMECI Programme. Participating clients can benefit from grant support, with enhanced incentives available for companies engaging displaced individuals.”

Francis Malige also welcomed the continued partnership with Converse Bank, stating:

“The EBRD's partnership with Converse Bank marks a significant step in enhancing the competitiveness of Armenia’s micro, small, and medium-sized enterprises. Backed by the support from our generous donors, this initiative aims to promote low-carbon practices and climate resilience. The funding is allocated to support investments in innovative green technologies, aligning them with EU standards. The EBRD will also provide incentive grants to MSMEs led by displaced individuals. This holistic approach fosters not only economic integration but also long-term benefits for the community. ”

The programmes are expected to have a significant social and environmental impact by promoting the economic integration of displaced individuals and supporting green investments that contribute to the reduction of carbon emissions.

Converse Bank is regulated by the Central Bank of RA.