Armenian Evocabank secures $7mn investment

By bne IntelliNews November 29, 2023

Armenian Evocabank has partnered with the Swiss investment group, responsAbility, to secure $7mn.

The funds will benefit micro, small and medium-sized businesses (MSMEs) in Armenia, in accordance with their cooperation agreement.

As of 30th September 2023, Evocabank's SME loan portfolio is worth around AMD59bn, indicating a 34% rise from the previous year's end. MSMEs lay the groundwork for the economy, particularly in developing nations. They foster a thriving business atmosphere and generate additional employment opportunities.

Evocabank continuously cooperates with international organisations, creating favorable development conditions for MSMEs," the bank's message says.

Related Articles

Ardshinbank CJSC acquires Armenian unit of HSBC

HSBC has agreed to sell its Armenia unit to Ardshinbank, subject to regulatory approval, as part of a series of non-core divestments to streamline its global presence, Reuters reported. The sale ... more

In 2023, RA banks recorded a net profit of approximately $586mn.

The Armenian banks' operations and income in 2023 were analysed and published by local media outlet  In 2023, Armenian banks recorded a total net profit of AMD230bn, which is 12% ... more

Armenian Ararat Bank receives $5mn from GGF to boost green finance in Armenia

The Green for Growth Fund (GGF), an impact investment fund advised by Finance in Motion, is providing a $5mn loan facility to ARARATBANK, the leading Armenian SME bank. The aim of the partnership is ... more