news - FMO supports access to finance for young entrepreneurs and renewable energy projects in Armenia

FMO and Ameriabank CJSC signed USD 20 million equivalent Local Currency Facility Agreement channeled to “green” projects and youth financing in Armenia.

AMD equivalent of USD 15 million funds of the 7-year facility will be dedicated to renewable energy and energy efficiency projects and AMD equivalent of USD 5 million – for lending to persons younger than 35 to finance first time home mortgage, education and business. This is the first local currency loan issued by FMO on its own books in Armenia.

“This is another remarkable achievement which we celebrate with our long-standing partner FMO since 2009. This agreement creates new opportunities for the economic development of the country and for improving welfare of the population. Financing of renewable energy and energy efficiency projects will further promote sustainable development of the energy sector while ensuring efficient use of energy amongst the enterprises and population. New funding opportunities for young people will trigger growth of entrepreneurship in our country and will raise the living standards of the population”, - said Artak Hanesyan, Chairman of the Management Board-CEO at Ameriabank.  

FMO's Chief Investment Officer Linda Broekhuizen commented: "FMO is proud of its strong and successful relationship with Ameriabank, supporting the further economic development of Armenia. This new loan facility will enable Ameriabank to support renewable energy and energy efficiency projects, and to increase access to finance to young entrepreneurs."