Unibank and FMO will implement “Women in Business” program in Armenia, within the frames of which USD 10 million lending will be provided to female entrepreneurs.

According to the bank, the agreement signing ceremony will take place in October, 2018 in the Netherlands.

“Armenian women are becoming more active players in the economic life of their country. Statistical data shows that almost 22% of small and 15% of medium enterprises, qualified for lending, are managed by women. Unibank has been observing this trend across different sectors of Armenian economy, particularly in agriculture, trade and services,” the statement reads.

“We are pleased to build such a successful cooperation with FMO. It will enable us to support SME’s development and contribute to the opening of new job positions in Armenia. We see here a business opportunity and potential for growth, which will help women entrepreneurs, supporting growth and competitiveness in the local market,” CEO of Unibank Mesrop Hakobyan said.

He said that women-run or women-owned enterprises represent an important part of their customer base.

“Therefore, we are glad that the new funding from FMO will enable the bank to offer matching products to the specific needs of our female entrepreneurs. I also would like to express our gratitude to our partner Capital Locus, which based on our mandate acted as our fundraising agent with FMO,” Mesrop Hakobyan added.

“Reducing inequalities is one of the priority sustainable development goals in FMO’s strategy. This “Women in Business” lending facility by our new partner Unibank supports the growing importance of female entrepreneurship in the Armenian economy. It will also enhance job creation and stimulate women to actively participate in building businesses. We look forward to a long and fruitful cooperation with Unibank,” noted Linda Broekhuizen, Chief Investment Officer of FMO.