The Development Bank of Austria (OeEB) and Ameriabank have signed a financing agreement in the amount of USD 30 million.

Ameriabank said that the funds will be dedicated to financing small and medium sized enterprises (SMEs), as well as renewable energy and energy efficiency projects in Armenia.

“The long-term facility with flexible terms will support the growth and expansion of SME business activities in Armenia and increase competitiveness in the local and foreign markets.

Renewable energy financing will further promote sustainable development of the clean energy sector while ensuring efficient use of energy amongst the enterprises and population,” the bank said in a press release.

“We highly appreciate the relationship with our long standing partner OeEB, which started back in 2013. Supporting small and medium-sized businesses is one of Ameriabank’s priorities. This cooperation will help us to open new doors for small and medium-sized businesses to support Armenia’s economy and create new jobs.

This agreement will also serve as a solid ground for our loan portfolio diversification in key sectors of the country’s economy and further improvement of our environmental footprint,” said Artak Hanesyan, CEO of Ameriabank.

“Access to energy and access to finance are prerequisites for economic development. This is why OeEB’s main focus is to promote clean energy and energy efficiency and to support small and medium-sized businesses. Ameriabank shares these goals, which makes it an ideal partner for us. We are happy to extend our successful partnership and to continue to work together to create sustainable development”, said Sabine Gaber, member of the OeEB Executive Board.