Converse Bank and the Asian Development Bank (ADB) have signed a financing agreement of up to USD 15 million aimed at expanding access to finance for micro, small, and medium-sized enterprises (MSMEs) in Armenia, including women-led businesses, and promoting sustainable investments.
Under the agreement, ADB will provide up to USD 13 million, while up to USD 2 million is provided by the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA).
The project will support the development of MSMEs in Armenia by promoting investments in renewable energy, energy efficiency, and other sustainable solutions. At least 20% of the financing will be allocated to women-led enterprises, contributing to the expansion of women’s economic participation and development of entrepreneurial opportunities.
The agreement was signed in Yerevan by Grant Akopian, Chief Executive Officer, Chairman of the Management Board of Converse Bank, and Suhail Khan, Director, Private Sector Financial Institutions at ADB.
Suhail Khan noted: “We are pleased to partner with Converse Bank and the Government of Canada in advancing Armenia’s private sector development. Our financing will help strengthen MSMEs, expand opportunities for women entrepreneurs, and accelerate the shift toward sustainable finance.”
