Armeconombank has signed a loan agreement with the Asian Development Bank (ADB), that marks ADB’s first local currency loan in Armenia equivalent to USD 15 million. 

The bank reported that the second facility of USD 4 million with ADB has become possible with financial participation of the Government of Canada through the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA).

The financing package, comprising an ADB loan equivalent to AMD equivalent to USD 15 million and a USD 4 million CANPA loan, will be directed to expanding finance for micro, small, and medium-sized enterprises, including women-led businesses, and scaling up climate and green lending across the country.

“We truly appreciate the strong partnership we continue to build with ADB. Its role in advancing development initiatives in Armenia and the region is highly valuable. We also welcome the engagement of the Government of Canada, reflecting the importance of international cooperation and a shared commitment to economic progress. We look forward to further expanding our collaboration and achieving new milestones together,” noted Artak Arakelyan, CEO of Armeconombank.

“This transaction is a milestone for Armenia. It is ADB’s first private sector operation in the country supported by the Government of Canada. What makes it particularly powerful is its structure, which combines commercial lending with concessional financing. The concessional component is catalytic: it enables Armeconombank to accelerate its green and sustainable finance activities by testing, expanding, and reaching more clients. This partnership fosters financial and institutional innovation and delivers meaningful development impact for Armenia. We hope this is the first of many collaborations to come,” said Luke Fochtman, ADB Armenia Resident Mission CD OIC.

“The Embassy of Canada has been working hard to strengthen Canada-Armenia relations. I am pleased to be here today with ADB and Armeconombank to mark this important collaboration. It is an honor for Canada to support this project. This is the first financing commitment in Armenia under Canada’s Climate finance program delivered through ADB and represents an important milestone in our partnership,” noted Andrew Turner, Ambassador of Canada to the Republic of Armenia.

Armeconombank is supervised by the Central Bank of Armenia.