News/Press

Armenia Armenian enterprises engaged in the production of wine and brandy will receive state assistance through the 24th programme of anti-crisis measures to neutralize the economic consequences of Covid-19. The state will fully finance the interest rates on loans with repayment periods extended from 18 to 24 months. Read more The 23rd anti-crisis programme to mitigate the adverse economic impact...
Armenia The coronavirus-related state of emergency in Armenia has been extended for another month keeping many restrictions for the business until September 9. Read more IFC, a World Bank Group member, provides a loan of $15 million to Inecobank to boost lending to Armenia’s micro, small and medium enterprises in resisting Covid-19 challenges. The financing will help MSMEs sustain operations,...
Armenia 2.6 billion AMD (about $5.4 million) was provided to about 13,000 beneficiaries under the 21st programme of the Armenian government to offset the socio-economic consequences of the coronavirus. About 96% of the private companies submitted applications for preserving their jobs during the Covid-19 pandemic. Read more The government of Armenia is developing a special support package for the...
Georgia: Team Europe -The EIB`s lends EUR 10 million to Credo Bank under its Georgia Outreach Initiative to support MSMEs
​ The European Investment Bank will lend EUR 10 million to Credo Bank, the leading actor on microfinance market in Georgia, and provide more affordable loans to country`s micro, small and medium enterprises (MSME), predominantly from the agriculture sector. This is the second loan granted under the EIB`s Georgia Outreach Initiative. Launched in December 2019 the Initiative improves financial...
Armenia According to the Statistical Committee, the economic activity of Armenia in the first half of 2020 decreased by 4.7% per annum , while in June 2020 alone, economic activity increased by 14.8%, after growing by 13.3% in May and against growth by 8.2% in June 2019. Read more Over 37% of hotels had to cut their staff, and another 53% also plan to reduce staff in the future. According to a...
EBRD and EU unlock fresh funding for SMEs in Moldova
Small and medium-sized enterprises (SMEs) in Moldova are to benefit from greater access to finance as the EBRD and the European Union unlock fresh funding. The EBRD is providing an additional €5 million loan to Mobiasbanca-OTP Group for on-lending supported by EU grants under the EU4Business-EBRD credit line . The new loan to Mobiasbanca complements two previous ones of €10 million and €20...
Armenia SMEs in tourism sector may keep the tickets for the museums and national parks bought in advance as they will be valid until the end of 2021. Arayik Harutyunyan, the Minister of Education, Science, Culture and Sport announced that tickets unused due to Covid-19 will be valid during the whole 2021. Read more The restaurant business in Armenia is about to collapse. According to the...
European Union’s EU4Business Initiative Helps Armenian Fashion Industry Overcome COVID-19 Challenges
Since the Soviet times Armenia was noted for its textile industry. Armenia's second largest city - Gyumri, home to a big textile factory - had a whole district called "Textile". These days, fashion, with its major potential, is becoming a force of its own along with the textile industry. The EU-funded Eastern Partnership: Ready to Trade EU4Business initiative supports the development and exports...
Armenia Kim Kardashian joins the fundraising to support SMEs in Armenia, organised by the Support Armenia Fund in cooperation with the Ministry of Economy of Armenia. About 900 business entities have already received assistance under the third anti-crisis program aimed at supporting small and medium-sized businesses, according to the Minister of Economy Tigran Khachatryan. Read more The...
EU provides €105 million to Ukraine to support SMEs, small farms and implementation of reforms
Three new financing agreements between the European Union and Ukraine were signed on 13 July, in a €105 million package to support Ukrainian small and medium-sized enterprises (SMEs), agriculture and small farm development and Ukrainian public authorities in the implementation of key reforms. These programmes will also contribute to the mitigation of the socioeconomic impact of COVID-19 and...