Armenia SME Finance and Advice Facility

Start/end date: 
2017 - 2029
Implementing partner: 
European Bank for Reconstruction and Development (EBRD)
EU budget: 
€15.38 million

The facility deploys EU funds blended with those provided by the EBRD and other investors to support Armenian SMEs. It improves access to finance for SMEs through a combination of investment projects and technical assistance, and a diversification of sources of finance, ultimately creating jobs, contributing to increased investment, capital market development and diversification of economic activity.


  • To diversify the financing solutions currently available to SMEs in Armenia by creating infrastructure, capacity and supply of investment capital.
  • To provide advisory services to SMEs in order to promote competitiveness and innovation and enable businesses to grow and to attract further investment. 


  • SMEs 


  • The Facility provides SMEs with a diversity of financial solutions and technical advice through two components:

  1. An SME Finance Component, including the creation of a private equity fund, expected to make investments in eligible Armenian SMEs over a five-year investment period.

  2. An SME advice component providing:
    1. Business advice to SMEs;
    2. Industry expertise and international best practice;
    3. Capacity building to achieve sustainable local SME networks.


Expected results by the end of the project include:

  • Private equity fund:
    • Euro equivalent of $20 million deployed to provide risk capital financing to eligible SMEs
    • At least 75% of supported SMEs report an increase in turnover, at least 50% of supported SMEs report an increase in employment, and at least 25% of supported SMEs are outside Yerevan
  • SME advice:
    • At least 280 advisory projects are implemented with local consultants and international industry advisers
    • At least €45 million net increase in aggregate turnover of assisted SMEs within a year of project completion
    • At least 1,100 new jobs created within a year of project completion
    • At least 12 trainings for local consultants to improve the quality of local business advisory services (at least 200 consultants trained)
    • Round tables, seminars or workshops to disseminate best practices.


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