Project detail - ACBA-CREDIT AGRICOLE BANK CJSC

ACBA-CREDIT AGRICOLE BANK CJSC

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Who is our client

ACBA-Credit Agricole Bank CJSC (ACBA) is an Armenian bank specializing in financing micro, small and medium-sized enterprises (MSMEs), and particularly small-scale agricultural businesses. ACBA is among Armenia's largest banks, and has a wide outreach into all regions of the country. The major French bank Credit Agricole is ACBA’s largest shareholder with a 28 percent stake. The remaining shares are owned by the agricultural cooperative regional unions of the ten Armenian provinces (together 71 percent) and private individuals (1 percent).

Funding objective

FMO provides ACBA with a USD 15 million multi-currency facility that ACBA can choose to drawdown in either US Dollar or Armenian Dram. The facility will improve access to finance for Armenian MSMEs and farmers that remain underserved. It will thereby contribute to development of the real sector in the country, which continues to be one of the poorest in the region.

Why we fund this project

With its clear focus on MSMEs and farmers and its wide regional outreach, ACBA is well positioned to finance these underserved segments of the Armenian economy. In rural areas where many other banks are not present, ACBA is often the first financial institution working with the local entrepreneurs and individuals. Strict on-lending criteria will ensure that FMO's funds will be channeled exclusively to MSMEs and farmers.

Website client
http://www.acba.am
Region
Europe & Central Asia
Country
Armenia
Sector
Financial Institutions
Signing date
9/26/2016
Total FMO financing
USD 12.00 MLN
Fund
FMO
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
C