Yerevan: The OPEC Fund for International Development (OPEC Fund) has successfully arranged a US$30 million syndicated loan facility for Evocabank, based in Armenia. This initiative is part of a broader effort to bolster economic opportunity and job creation within the country.

According to Emirates News Agency, the OPEC Fund is contributing $10 million from its own resources as an A-lender. In addition, it has mobilized an extra $20 million in B-loans from the European Fund for Southeast Europe (EFSE) and the Green for Growth Fund (GGF). This collaborative approach is aimed at enhancing the development impact of the loan.

OPEC Fund President Abdulhamid Alkhalifa expressed that the transaction showcases the organization's capacity to unite partners and resources for significant developmental outcomes. By offering financing for businesses and supporting climate investments, the OPEC Fund aims to unlock economic opportunities and strengthen sustainable growth in Armenia.

The funding is designated to expand Evocabank's lending capacity to micro, small, and medium-sized enterprises (MSMEs) and to support climate-related investments. This initiative is set to reinforce Armenia's private sector and promote sustainable economic growth in the region.