The government approved an offer to sign an agreement for the opening of Proparco Development Financial Institution Office in Armenia.

Ealier, Proparco inked a $15 million credit facility agreement, it being the first investment of the Institution in Armenia and the second one in South Caucasus.

The new financing project to be implemented by Proparco and Ameriabank will open new long-term financing opportunities for small and medium businesses in food processing industry, boosting Armenia’s economy and job creation.

Proparco is a financial institution jointly held by Agence Française de Développement (AFD) and public and private shareholders from the North and South. Its mission is to catalyze private investment in emerging and developing countries with the aim of supporting growth, sustainable development and the achievement of the Millennium Development Goals (MDGs). Proparco finances investments that are economically viable, socially equitable, environmentally sustainable and financially profitable. Proparco is one of the main bilateral development finance institutions in the world. It invests in four continents encompassing the major emerging countries and the poorest countries, particularly in Africa, and has a high level of requirements in terms of social and environmental responsibility.