Project detail - Ameriabank CJSC - NASIRA PORTFOLIO


Status: Approved investment
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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

Ameriabank is a privately-owned bank in the Republic of Armenia. The bank distinguishes itself by providing an extensive range of financial and advisory services through its omni-channel distribution, with a focus on the Corporate and Small and Medium-sized Enterprises (SME) segments. With a workforce of 1414 staff, (with 69% being female) the bank serves customers through its head office, 25 branches, 120 ATMs and >2,500 POS terminals. Ameriabank is an existing and longstanding client of FMO since 2009 and retains a leading position in the banking sector of the country, with a ~17.6% market share when measured by loan portfolio.

What is our funding objective?

The NASIRA Risk Sharing Facility (RSF) represents the next milestone to the well established partnership with Ameriabank. Through its controlled risk environment, the NASIRA RSF will bolster Ameriabank' s endeavors to expand its MSME portfolio. The facility places particular emphasis on empowering Young and Women entrepreneurs by supporting their income generating business activities, thereby aligning with FMO’s goal in Reducing Inequalities. The NASIRA transaction will support Ameriabank in achieving its strategic goal of growing its MSME customer base.

Why do we fund this investment?

Armenia remains a lower middle-income country (LMIC), as a vast part of its population (29%) lives below the poverty line. Despite the significant presence of MSMEs in the country, their contribution is only about 25% of the country's GDP and around 19% of employment, as the sector has limited access to credit. Due to this, MSMEs are fundamental to the overall socio-economic development of the country. FMO will be sharing directly the risk of the loan portfolio of MSMEs with Ameriabank, while 50% of the limit will be geared towards Young and Women entrepreneurs, hence qualifying for a 50% RI Label. As a result, the NASIRA RSF facility will incentivize Ameriabank to finance the underserved and marginalized communities in Armenia, thus supporting the country's economic development. Lastly, the transaction is additional as there are hardly any alternate products available in the market which offer similar portfolio protection as NASIRA does.

What is the Environmental and Social categorization rationale?

Ameriabank is categorized as FI-A (high risk) in accordance with FMO’s Sustainability Policy. Ameriabank’ s portfolio has a considerable exposure to large corporate clients as well as to sectors with potential significant and adverse environmental and social (E&S) risks such as such as agriculture, mining and quarrying, power, and oil and gas. Key potential impacts and risks related to the portfolio include soil, air, and water pollution, physical and economic displacement, poor labor and working conditions, and resource efficiency aspects. The Bank's E&S risk profile is not expected to significantly change in the short-term. Ameriabank' s E&S risks are managed through an existing Environmental and Social Management System (ESMS) operated by dedicated E&S specialists. As part of the transaction, Ameriabank is required to apply the EDFI Exclusion List, Armenia’s E&S laws and regulations, the IFC Performance Standards for applicable transactions, and to follow an agreed Environmental and Social Action Plan.

More investments

Date Total FMO financing
9/15/2023 USD 1.10 MLN
Website customer/investment
Europe & Central Asia
Financial Institutions
Publication date
Effective date
Total FMO financing
USD 46.40 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)