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Unibank, to Collaborate with FMO to Allocate $10 Million to Women Entrepreneurs in Armenia

The following is a Unibank press release:

Armenia's Unibank OJSC and Dutch development bank FMO have finalised negotiations for to finance the "Women in Business" program in Armenia to the tune of US$10 million.

The agreement signing ceremony will take place in October, 2018 in the Netherlands.

The clear trend of Armenian women becoming more active players in the economic life of their country is the reason why Unibank is offering new services tailored to the needs of women in business in Armenia. Statistical data show, that almost 22% of small and 15% of medium enterprises qualified for lending are managed by women. Unibank has been observing this trend across different sectors of Armenian economy, particularly in agriculture, trade and services.

“We are pleased to build such a successful cooperation with the FMO. It will enable us to support SME’s development and contribute to the opening of new job positions in Armenia,” says Mesrop Hakobyan, CEO of Unibank. “We see here a business opportunity and potential for growth, which will help women entrepreneurs, supporting growth and competitiveness in the local market. It is notable that women-run or women-owned enterprises represent an important part of our highly respected customer base. Therefore, we are glad that the new funding from FMO will enable the bank to offer matching products to the specific needs of our female entrepreneurs. I also would like to express our gratitude to our partner Capital Locus LLC, which based on our mandate acted as our fundraising agent with FMO”. 

“Reducing inequalities is one of the priority sustainable development goals in FMO’s strategy”, adds Linda Broekhuizen, Chief Investment Officer of FMO, “This Women in Business lending facility by our new partner Unibank supports the growing importance of female entrepreneurship in the Armenian economy. It will also enhance job creation and stimulate women to actively participate in building businesses. We look forward to a long and fruitful cooperation with Unibank.”