Within the framework of the EBRD SMEC collaboration between Inecobank and the European Bank for Reconstruction and Development (EBRD), $5 million will be raised to increase the competitiveness of SMEs, in particular, through the promotion of investments in energy-efficient and renewable energy technologies.

In addition to the available funding under this project, Inecobank customers will also have the opportunity to receive an incentive grant of up to 15% from the European Union, which will further promote the use of new technologies among SMEs.

“Small and medium-sized enterprises are the driving force of country’s economy, and Inecobank attaches great importance to investing in the latter’s promotion. EBRD, our long-standing partner of more than 15 years, has a special place in these processes,” Aren Naltakyan, Chief Executive Officer of Inecobank, said.

One of the main goals of the new project is to facilitate local businesses improve the quality of services and products, upgrading them to high European standards. This will enable Inecobank’s business customers to be competitive in European markets as exporters. Within the framework of the project, SMEs will also have the opportunity to receive technical advice, which will allow to identify additional prospective investment directions that will contribute to improving the quality of business efficiency.

Foreign investments have a key impact on both the separate economic entities and the economy of the whole country. Since 2005, Inecobank has received about $100 million from the EBRD, which was mainly used to fund small and medium-sized enterprise development programs. Within the framework of the cooperation, a number of projects have been implemented, among which the projects aimed at climate adaptation and the efficient use of natural resources stand out.

“We have had an active cooperation in the field of green funding for the past years. Only in 2021, within the framework of another EBRD program, we have already rendered financial support of more than $5 million to SME energy-efficient and renewable energy projects. We are confident that this project will also help to increase the efficiency of our SME customers,” Artem Chichyan, Inecobank Corporate Business Director, stated.

Dimitri Gvindadze, EBRD Head of Armenia, said: “This new funding will boost the competitiveness of local firms in Armenia by helping them to invest in modern technology. It will allow companies to strengthen their operations locally and take advantage of international trade opportunities.”

Ambassador Andrea Wiktorin, Head of Delegation of the European Union to Armenia, said: “The EU is committed to supporting small businesses in line with the Economic and Investment Plan for the Eastern Partnership and the EU-Armenia Comprehensive and Enhanced Partnership Agreement. The EU4Business-EBRD facility will support green businesses which we believe are the future of Armenia. The overall contribution of the EU to the EU4Business-EBRD facility covering various Armenian banks is €6 million.”