International Finance Corporation (IFC)
The proposed project is a $30 million loan to ACBA-Crédit Agricole Bank (“ACBA” or the “Bank”), the leading bank in Armenia in terms of assets. The proceeds of the loan will used for on lending to local Micro and Small-and-Medium Enterprises (“MSMEs”) with a particular focus on agri-business. High development impact on account of (i) continued MSE support in an IDA country and (ii) Sustained ability to lend to the agricultural sector which comprises 29% of its loan portfolio. The Project will generate a range of social and economic benefits, including economic growth and employment creation, as well as financial deepening with services and products tailored to low income populations, the Bank having a strong foothold in rural financing to micro and small enterprises and farmers. ACBA-Crédit Agricole Bank is the largest bank in Armenia with total assets of $526 million as of June 30, 2011. The capital base is $110 million as of June 2011 and the bank enjoys a capital adequacy ratio of 22%. ACBA was established in 1996 with help from the European Union and Crédit Agricole, the bank’s largest shareholder with a stake of 28%. Remaining shares belong to agricultural village associations from all regions of Armenia. The bank’s main focus is MSMEs.
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EastAgri is supported by FAO, EBRD, and The World Bank