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The Black Sea Trade and Development Bank (BSTDB) and the International Finance Corporation of the World Bank Group (IFC) support the growth of Euroterm, a leading producer of fruit juices and canned food in Armenia. The operation will help the development of Armenia’s food processing industry, increase exports and create new business and job opportunities for local rural community.

BSTDB will invest EUR 2.05 million and IFC will provide USD 2.5 million to Euroterm for a period of seven years to support the company’s expansion program. Furthermore, BSTDB provided technical assistance in preparation of the project business plan, including a technical feasibility study and financial projections.

BSTDB has been supporting Euroterm since 2007, when the first Bank’s loan of EUR 3 million helped modernize the company’s production and packaging equipment and invest in cultivation of fruits and vegetables.

“We are happy to see IFC joining us in financing a leading Armenian producer and helping to strengthen the agribusiness supply chain in the country. This operation is a good example of synergy that international financial institutions develop to increase the effectiveness of their operations to support growth and job creation” said Mustafa Boran, BSTDB Vice President commenting on the deal. 

BSTDB has been active in Armenia since 1999, having financed 20 operations to a total amount of about EUR 90 million supporting small business development, food processing, retail and the financial sector.