26 June, Yerevan — Converse Bank and Asian Development Bank (ADB) have signed a financing agreement of up to USD 15 million aimed at expanding access to finance for micro, small, and medium-sized enterprises (MSMEs) in Armenia, including women-led businesses, and promoting sustainable investments.
Under the agreement, ADB will provide up to USD 13 million, while up to USD 2 million is provided by the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA).
The project will support the development of MSMEs in Armenia by promoting investments in renewable energy, energy efficiency, and other sustainable solutions. At least 20% of the financing will be allocated to women-led enterprises, contributing to the expansion of women’s economic participation and development of entrepreneurial opportunities.
The agreement was signed in Yerevan by Grant Akopian, Chief Executive Officer, Chairman of the Management Board of Converse Bank, and Suhail Khan, Director, Private Sector Financial Institutions at ADB.
Suhail Khan, Director of Private Sector, Financial Institutions at ADB noted:
“We are pleased to partner with Converse Bank and the Government of Canada in advancing Armenia’s private sector development. Our financing will help strengthen MSMEs, expand opportunities for women entrepreneurs, and accelerate the shift toward sustainable finance. MSMEs are the backbone of Armenia’s economy, however, they often face a financing gap. The project will help expand access to finance, support job creation, and strengthen economic resilience.
Grant Akopian, Chief Executive Officer, Chairman of the Management Board of Converse Bank, stated:
“This project is fully aligned with our strategic priorities of supporting MSMEs and advancing green finance. We highly value this cooperation with ADB, which aims to expand access to finance for MSMEs in Armenia and promote sustainable investments.
At the same time, we value the continued development of our partnerships with international financial institutions, which enables us to diversify funding sources and expand financing opportunities in Armenia.
We are confident that this project will have a tangible impact on private sector growth and financial inclusion.”
H.E. Andrew Turner, Ambassador of Canada to Armenia, was present at the signing ceremony who remarked:
“This USD 2 million investment from the Climate and Nature Fund for the private sector in Asia, in partnership with the Asian Development Bank and with Converse Bank, offers tremendous opportunities for strengthening Canada-Armenia relations. This is our second such project in Armenia, and we hope it will be the beginning of many more projects ”
