OPEC Fund signs $ 30 million loan agreement to support Armenian private sector

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The OPEC Fund for International Development and Ameriabank, Armenia’s largest universal bank, signed a $ 30 million long-term senior loan agreement to support private sector development in the West Asian country.

About 50 percent of the Opec Fund loan will go to financing small and medium-sized enterprises, providing access to finance and enabling businesses to receive the funds needed to grow their businesses and retain and create jobs.

The other half will be devoted to supporting green projects, increasing energy efficiency and reducing carbon emissions.

“We are pleased to continue our successful cooperation with Ameriabank with a new facility to finance SMEs, energy efficiency and renewable energy projects in Armenia,” said Tareq Alnassar, Deputy Managing Director of the Opec Private Sector Fund. and trade finance operations, a statement Friday.

“Our new loan will help provide working capital to SMEs, promote sustainable energy and contribute to economic resilience. “

The Opec Fund and Ameriabank have been cooperating since 2015, contributing to the Armenian economy through SME finance and trade finance facilities.

The initial funding of $ 20 million supported SMEs in a wide range of sectors, including wholesale trade, materials production, food production and the hospitality industry. The second loan, worth $ 25 million, helped finance the expansion of Ameriabank’s international trading portfolio.

The two facilities have supported more than 130 companies in Armenia.

The funding is also in line with partners’ commitment to the United Nations Sustainable Development Goals of cheaper clean energy as well as decent work and economic growth.

“Financing for SMEs has been our strategic focus and we are pleased to once again join our efforts to provide long-term financing to our small business clients,” said Artak Hanesyan, Managing Director of Ameriabank.

“In line with our green strategy, funds will primarily be spent on energy efficiency projects, further improving Ameriabank’s environmental footprint. “

Our new loan will help provide working capital to SMEs, promote sustainable energy and contribute to economic resilience

Tareq Alnassar, Deputy Managing Director of the Opec Fund

The Opec Fund is the development finance arm of the Organization of the Petroleum Exporting Countries. In April, he pledged $ 1 billion to help developing economies cope with the economic fallout from the coronavirus pandemic.

Ameriabank is the largest bank in Armenia according to key indicators, rapidly expanding its business with special emphasis on green finance. Since 2009, it has funded more than $ 250 million in renewable energy projects, including solar photovoltaic and wind power.

Masdar, the Abu Dhabi clean energy company, announced on Friday that it has signed an agreement with the Armenian government to develop a 200 megawatt solar photovoltaic plant, which will be the largest large-scale solar installation in the West Asian country. .

Updated: November 26, 2021, 5:03 PM


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