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FMO (Dutch Entrepreneurial Development Bank) and Ameriabank CJSC signed $20 million equivalent Local Currency Facility Agreement channeled to “green” projects and youth financing in Armenia.

The 7-year facility will be dedicated to renewable energy and energy efficiency projects as well as first time home mortgage, education and business loans to persons younger than 35.

This is the first local currency loan issued by FMO on its own books in Armenia, the bank's press service reported.

“This is another remarkable achievement which we celebrate with our long-standing partner FMO since 2009. This agreement creates new opportunities for the economic development of the country and for improving welfare of the population. Financing of renewable energy and energy efficiency projects will further promote sustainable development of the energy sector while ensuring efficient use of energy amongst the enterprises and population. New funding opportunities for young people will trigger growth of entrepreneurship in our country and will raise the living standards of the population," said Artak Hanesyan, Chairman of the Management Board-CEO at Ameriabank. 

FMO's Chief Investment Officer Linda Broekhuizen commented: "FMO is proud of its strong and successful relationship with Ameriabank, supporting the further economic development of Armenia. This new loan facility will enable Ameriabank to support renewable energy and energy efficiency projects, and to increase access to finance to young entrepreneurs."