IFC Partners With Evocabank to Support Smaller Businesses, Boost Resilience and Drive Recovery in Armenia
A new financing will help expand access to finance for micro, small, and medium enterprises (MSMEs), with IFC and Evocabank joining forces to support businesses, protect jobs, and accelerate economic recovery in Armenia.
Even before the COVID-19 crisis, access to finance was the biggest obstacle for doing business in Armenia. The MSME finance gap in the country was estimated to be around $1.2 billion or 10.8 percent of gross domestic product (GDP). Following the recent developments, this gap is expected to have increased even further.