VIENNA: The OPEC Fund for International Development (the OPEC Fund) has signed a US$10 million loan agreement with Evocabank CJSC to support micro, small and medium-sized enterprises (MSMEs) in Armenia. Lending will focus on women-led businesses as well as energy efficiency and renewable energy projects to promote climate action.

OPEC Fund President Abdulhamid Alkhalifa said, “Partnering with Evocabank allows us to address two critical development priorities: increasing financial access for MSMEs, especially those that are underserved, and supporting Armenia’s efforts to tackle climate change. This partnership reflects our broader commitment to promoting sustainable economic development and inclusive growth in Armenia.’

The OPEC Fund loan will provide financing to MSMEs, which represent nearly all businesses in Armenia and provide around 70 percent of all jobs. Despite their critical role in the economy, many MSMEs, especially women-led businesses, often face credit constraints, with nearly three-quarters e
ither partially or fully unable to access necessary financing.

Source: Emirates News Agency