Unibank to collaborate with FMO to allocate USD 10 million to support female entrepreneurs
Unibank OJSC and FMO have finalised negotiations for USD 10 million facility for lending under "Women in Business" program in Armenia. 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 service 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 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.”
UNIBANK was established in 2001. Today, it is one of the leading banks in Armenia, providing its clients with a wide spectrum of banking products and services. The bank has 47 branches and 110 outlets, providing around one third of POS loans in Armenia. UNIBANK was the first bank in Armenia to issue shares to the public through an Initial Public Offering (IPO) at NASDAQ OMX ARMENIA.
For more information, please visit www.unibank.am.
FMO is the Dutch development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a more than 45-year proven track-record of empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With a committed portfolio of EUR 9 billion spanning over 82 countries, FMO is one of the larger bilateral private sector developments banks globally. For more information: please visit www.fmo.nl