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As stated by the EBRD, the project consists of the provision of a senior unsecured loan to Evocabank in the amount of up to EUR 10m under the Financial Intermediaries Framework ("FIF") for on-lending to private micro, small and medium enterprises ("MSMEs") in Armenia.
The project will improve access to finance for MSMEs, which are the main source of employment in the private sector and a major contributor to the economy in Armenia. The loan will enable Evocabank to increase its outreach and meet unsatisfied demand for longer term funding from MSMEs. The focus will also be on lending in the regions outside of the capital and attracting new MSME clients. 20 per cent of the loan proceeds will be related to Green Economy Transition (GET) investments.
The loan will be accompanied by a SME Business capacity building technical cooperation programme (TC) - Optimisation of Lending Processes and Practices to Smaller Businesses and Entrepreneurs. The objectives of the TC is fully aligned with the strategic development goals of Evocabank and will support the expansion of Evocabank's MSME lending activities on a sustainable basis.
The EBRD categorized the project environmental and social risk as 'FI'.
As stated by the EBRD, Evocabank CJSC is a mid-sized bank in Armenia, ranking the 7th by total assets and the 8th by loan portfolio with 5.0% and 4.3% respective shares in the banking sector as of YE 2024.
Financial Intermediary - EvocaBank CJSC:
Lilit Gaboyan
Email: hello@evoca.am
Phone: +37410605555
Website: www.evoca.am
Address: 44/2 Hanrapetutyan St., Yerevan 0010, Armenia
ACCESS TO INFORMATION
You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request
ACCOUNTABILITY MECHANISM OF EBRD
The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.
You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en
You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html