YEREVAN, June 26 – Converse Bank and the Asian Development Bank (ADB) have signed a financing package of up to $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.
Financing Breakdown and Objectives
The cooperation agreement stipulates that up to $13 million will be provided by the ADB, while up to $2 million will come from the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA). This program is designed to support the development of MSMEs in Armenia by fostering investments in renewable energy, energy efficiency, and other sustainable solutions. A significant portion, at least 20% of the financing, will be directed towards women-led businesses, thereby promoting women’s economic participation and entrepreneurial opportunities.
Key Signatories and Statements
The agreement was signed in Yerevan by Hrant Hakobyan, CEO and Chairman of the Board of Converse Bank, and Suhail Khan, Director of Financial Institutions for ADB’s Private Sector Operations Department.
Suhail Khan emphasized the importance of this collaboration: “We are pleased to partner with Converse Bank and the Government of Canada to support private sector development in Armenia. This financing will contribute to the growth of micro, small, and medium-sized enterprises, expand financing opportunities for women-led businesses, and foster the development of sustainable finance. MSMEs are a key driving force of Armenia’s economy, but often face financing constraints. The program will help expand access to finance, support job creation, and enhance the resilience of the economy.”
Hrant Hakobyan echoed these sentiments, stating: “We highly value this cooperation with the ADB, which is aimed at expanding access to financing for SMEs in Armenia and promoting sustainable investments. This program is an important step within our strategy to finance the real economy, particularly to support small and medium-sized businesses and develop green financing. At the same time, we emphasize the continuous development of partnerships with international financial institutions, which allows us to diversify funding sources and expand financing opportunities in Armenia. We are confident that this program will have a tangible impact on private sector growth and financial inclusion.”
Canadian Ambassador’s Remarks
Also present at the signing ceremony was Andrew Turner, Ambassador of Canada to Armenia, who noted: “This $2 million investment through the Canadian Climate and Nature Fund for the Private Sector in Asia, and in cooperation with ADB and Converse Bank, creates broad opportunities for further strengthening Canada-Armenia relations. This is our second such program in Armenia, and we hope it will be the beginning of new collaborations.”
The initiative underscores a collective commitment to bolstering Armenia’s economic landscape through targeted financial support and sustainable development practices.
