The statement, issued by the Fund’s headquarters, stated OPECIn the Austrian capital, Vienna, the loan will be provided through the Fund’s partnership with the Armenian Evobank, which will provide credit facilities and loans worth $10 million to help companies enhance innovation and drive economic progress. He explained that the lending will focus on women-led companies and projects. Promoting energy efficiency and switching to renewable energy to enhance tackling climate change.
Dr. Abdul Hamid Al Khalifa, Director General, explained OPEC FundHe said that the partnership with the Armenian Evobank allows two basic development priorities to be addressed. The first focuses on increasing financial access for small and medium-sized enterprises, and the second priority focuses on supporting Armenia’s efforts to address climate change. He said, “This partnership reflects our great commitment to promoting sustainable economic development.” and inclusive growth in Armenia.”
The fund’s statement pointed out that the new loan provides financing for small and medium-sized enterprises and companies, which provide about 70 percent of all jobs in Armenia, and contributes to overcoming the challenges and facilitating credit constraints facing many small and medium-sized enterprises, especially companies led by women. About three-quarters of these types of companies are either partially or completely unable to access the necessary financing.
