YEREVAN, ARMENIA – The U.S. International Development Finance Corporation yesterday announced a commitment for a $50 million loan to Acba bank aimed at expanding financing for small businesses in Armenia, fostering economic growth, and empowering entrepreneurship. This announcement is part of DFC Deputy CEO Nisha Biswal’s visit to Armenia, emphasizing the U.S. commitment to supporting economic growth in the region.
The loan will address the financing gap for micro, small, and medium-sized enterprises (MSMEs) in Armenia, with a strong focus on women’s entrepreneurship. At least 50 percent of the DFC funds will be earmarked for women-owned and women-led businesses, aiming to create more inclusive economic opportunities.
DFC’s investment in Armenia demonstrates the U.S. commitment to helping unleash the power of private capital to cultivate a robust private sector that can drive sustainable development and economic growth that delivers tangible benefits to the Armenian people.
During her visit to Armenia, DCEO Biswal joined Armenian Deputy Minister of Economy Arman Khojoyan, Acba bank CEO Hakob Andreasyan, U.S. Ambassador Kristina Kvien, and USAID/Armenia Mission Director John Allelo for a ceremonial signing of the agreement.
“Small businesses are the engines of every free market and dynamic marketplace, generating jobs and opportunities for their communities,” said Biswal, DCEO. “DFC is proud to partner with Acba bank, a leading financial institution in Armenia seeking to promote small businesses and bolster women’s entrepreneurship.”
“Acba bank is the first in Armenia to launch a partnership with DFC. We are pleased to begin this collaboration and are confident that its ongoing development will enable large-scale projects to be implemented in Armenia. As part of the deepening cooperation, $50 million will be directed towards the development of SMEs in Armenia,” said Hakob Andreasyan, CEO of Acba bank.
“Small and medium enterprises are the backbone of Armenia's economy, driving the country’s growth and employment. Through this partnership, we continue our important mission of supporting businesses in Armenia by offering more accessible financing, while also creating opportunities specifically for women-led enterprises. This cooperation will not only provide an additional boost to the development of Armenia's economy, but also create new opportunities in our communities, ensuring sustainable growth,” said Andreasyan.
DFC’s loan to Acba bank advances the agency’s global work to mobilize private investment to advance development round the world. During Fiscal Year 2024, DFC committed more than $12 billion to projects that expand access to food, energy, healthcare, modern infrastructure, and financial services. DFC supports these projects with loans, equity investments, political risk insurance, and grants for technical assistance.
About DFC
The U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.
About Acba bank
Acba bank is one of the leaders of the Armenian banking system, the absolute leader in financing the country's rural sector. After the initial public offering (IPO) in 2021, Acba bank has more than 5,500 shareholders. Thanks to the implementation of the latest digital solutions and the use of new technologies, the bank continuously develops the quantity and quality of the provided financial services.
Acba bank is represented in all regions of Armenia, has 65 branches, and is considered one of the largest employers in the financial system and the country.
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