Status: Completed investment
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Why disclosure?

FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more

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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

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).

What is our 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 do we fund this investment?

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 customer/investment
Europe & Central Asia
Financial Institutions
Effective date
End date
Total FMO financing
USD 12.00 MLN
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)