BSTDB Partners with Evocabank to Strengthen SME Financing in Armenia

BSTDB Partners with Evocabank to Strengthen SME Financing in Armenia

Press Release | 31-Oct-2024

Facility tailored to strengthen small businesses and boost regional trade

The Black Sea Trade and Development Bank (BSTDB) has initiated a new partnership in Armenia by providing USD 10 million to Evocabank. With USD 9 million of the loan dedicated to financing small and medium-sized enterprises (SMEs) and USD 1 million for trade finance operations, the BSTDB facility is specifically designed to address the capital expenditure and working capital needs of Armenian SMEs, including those engaged in trade with other countries in the Black Sea region. Evocabank will utilize these funds to support domestic SMEs, helping them deliver their investment programmess, expand into new markets, and strengthen their competitiveness and export capabilities.

As a new partner for BSTDB in Armenia, Evocabank's advanced digital channels and extensive branch network, will play a crucial role in delivering this support to SMEs across Armenia. This collaboration opens new opportunities for Armenian companies to engage in cross-border trade and foster stronger economic ties within the region, in line with BSTDB's mandate to promote intra-regional cooperation.

Upon signing the loan agreement, Dr. Serhat Köksal, BSTDB President said: "Supporting the development of the SME sector is a core strategic priority for BSTDB, not just in Armenia but across all our member countries. Small and medium-sized enterprises are the backbone of any economy, and in Armenia, they play a crucial role in driving growth, innovation, and employment. The funds we are providing will support these businesses in enhancing their operations and building resilience, ultimately contributing to the overall development and sustainable growth of the country's economy."

Karen Yeghiazaryan, Chairman of the Management Board of Evocabank, said: "We are excited to announce a transformative partnership with The Black Sea Trade and Development Bank, aimed at boosting Armenia's micro, small, and medium-sized enterprise sector. This collaboration marks a significant milestone, with BSTDB providing a substantial investment of USD 10 mln to Evocabank. Of this, USD 9 mln will be directed to empowering SMEs, while USD 1 mln will facilitate trade finance operations. This initiative is tailored to address the challenges faced by Armenian SMEs, ensuring they have the necessary means for growth and innovation. By supporting enterprises involved in trade within the Black Sea region, we are not only enhancing their operational capacity but also fostering a more robust and competitive business landscape. At Evocabank, we are committed to leveraging these funds to help local SMEs realize their investment goals, expand into new markets, and enhance their competitiveness and export potential."

Founded in 1990, Evocabank is the first registered commercial bank in Armenia with over 34 years of experience in the banking market. Headquartered in Yerevan, Evocabank provides inclusive financial services to individuals, MSMEs, and larger businesses through its extensive network in Yerevan and regions. The bank is aimed at delivering financial services with extensive application of the latest technologies in a fast, simple and convenient way, operating in a mobile- first format. Focused on innovative digital approach Evocabank is one of the fastest growing banks in Armenia. The bank has received a number of international awards including "The Best SME Bank of Armenia" and "The Best Digital Bank of Armenia" awards by Global Finance Magazine. More information at: www.evoca.am

The Black Sea Trade and Development Bank (BSTDB)is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

Contact:

Haroula Christodoulou

: @BSTDB