Evocabank has attracted USD 30 million from OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) has arranged a USD 30 million syndicated loan facility for Evocabank in Armenia. The OPEC Fund is contributing USD 10 million from its own resources as an A-lender, while mobilizing an additional USD 20 million in B-loans from the European Fund for Southeast Europe (EFSE) and the Green for Growth Fund (GGF).

The funding will expand Evocabank’s lending capacity to micro, small, and medium-sized enterprises (MSMEs) and support climate-related investment, helping to strengthen Armenia’s private sector and foster sustainable economic growth.

OPEC Fund President Abdulhamid Alkhalifa said: “This transaction highlights the OPEC Fund’s ability to bring together partners and resources to amplify development impact. By providing financing for businesses and supporting climate investments, we are helping to unlock economic opportunity, drive job creation, and strengthen sustainable growth in Armenia.” 

Karen Yeghiazaryan, CEO of Evocabank, said: “We are proud to deepen our cooperation with the OPEC Fund and its partners through this important syndicated loan. Last year, Evocabank had the honor of participating in the OPEC Fund Development Forum in Vienna, which marked the beginning of our dialogue and collaboration. Today, we are delighted to see that the discussion has turned into tangible results for Armenia’s economy. This financing will enable us to expand access to finance for local businesses, foster innovation, and support green investments that are essential for building a sustainable future. We value the trust placed in Evocabank and look forward to continuing our joint efforts to create lasting impact.”

Oxana Binzaru, Regional Director at Finance in Motion, said: “Armenia is a market where dedicated long-term funding can drive both green transformation and private sector growth. Through EFSE and GGF, we are bringing complementary mandates to the table—supporting MSMEs on the one hand, and climate resilience on the other. This new partnership with the OPEC Fund, for the benefit of a new partner bank in Armenia, marks a meaningful step in expanding the reach and relevance of blended finance solutions in the region.”

About the OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities, and empower people. To date, the OPEC Fund has committed more than US$30 billion to development projects in over 125 countries with an estimated total project cost of more than USD 200 billion.

Fwr more: www.opecfund.org

About EFSE

The European Fund for Southeast Europe (EFSE) is an impact investment fund to drive economic development and prosperity in Southeast Europe and the Caucasus.

For more: www.efse.lu

About the GGF

The Green for Growth Fund promotes energy efficiency and renewable energy in Southeast Europe, the Caucasus, the Middle East, and North Africa.

For more: www.ggf.lu

About Finance in Motion

Finance in Motion structures, manages, and advises almost €4 billion across 9 funds. These private market funds drive impact for people and planet through regional financial intermediaries, direct investments, advisory and capacity building.

For more: www.finance-in-motion.com

About Evocabank

Founded in 1990, Evocabank is the first registered commercial bank in Armenia with over 35 years of experience in the banking market. The bank is headquartered in Yerevan, Armenia and has 13 branches in Yerevan and regions. Evocabank provides inclusive financial services to individuals, MSMEs, and larger businesses. The bank has received a number of international awards, including “The Best SME Bank of Armenia” and “The Best Digital Bank of Armenia” awards by Global Finance Magazine.