On October 23, a ceremony marked the launch of cooperation between ACBA Bank and the U.S. International Development Finance Corporation (DFC), during which the parties signed an agreement to allocate $50 million to finance and develop micro, small, and medium enterprises (MSMEs) in Armenia. Deputy Minister of Economy of Armenia Arman Khojoyan participated in the event.
"Access to financing remains one of the main challenges facing MSMEs, which are the backbone of our economy. In today’s rapidly changing world, it is crucial that businesses have the necessary financial resources to foster innovation, spur growth, and ensure long-term stability," Arman Khojoyan noted.
The Deputy Minister expressed confidence in the success of cooperation in areas such as food security, agriculture, and infrastructure development. He also voiced hope that the signing of this agreement would pave the way for new collaborations, particularly in the provision of credit guarantees, which could help address collateral issues faced by many organizations.
The event was also attended by Deputy Director of the U.S. International Development Finance Corporation Nisha Biswal, U.S. Ambassador to Armenia Kristina Kvien, USAID Armenia Office Director John Allelo, and Chairman of the Board of ACBA Bank Hakob Andreasyan.
Earlier, BMG reported that the prospects of large investment projects and the development of the private sector were key topics of the meeting between Armenia’s Deputy Prime Minister Mher Grigoryan and a delegation from the U.S. International Development Finance Corporation (DFC).
During the talks, particular attention was paid to the mechanisms of support for the Armenian economy by DFC.
