Evoca has raised AMD equivalent of USD 10.35 million from Symbiotics Investments
The loan funds received from the Swiss investment company will be directed to the financing of micro, small, and medium businesses in Armenia.
03.10.2024
Evocabank has raised equivalent to the USD 10.35 million in Armenian Dram from the investment funds managed by the Swiss-based Symbiotics Investments.
Attracted financial means will be directed towards the development of micro, small, and medium-sized businesses in Armenia. This initiative aims to enhance the business environment within the market by fostering healthy competition, thereby stimulating economic activity in the country.
“Throughout the three years of collaboration with Symbiotics, the Swiss investment company, we have been able to significantly support the development of the micro, small, and medium-sized enterprises (MSMEs) sector in Armenia. This time, Evoca has raised the equivalent of 10.35 million USD from Symbiotics, which will again be directed towards financing micro, small, and medium businesses in Armenia. Remaining loyal to the Bank’s mission, we consistently create opportunities for local businesses to expand their operations, create new jobs, and generate sources of income,” said Karen Yeghiazaryan, Chairman of Management Board of Evocabank.
“This facility is issued in Armenian Dram, a rare offering among foreign investors. We are pleased that this loan will enable Evocabank to expand its loan portfolio in local currency.”- noted Alexandr Fando, Regional Manager for Caucasus at Symbiotics Investments.
Evoca began its collaboration with Symbiotics in 2022, raising AMD equivalent of USD 7.5 million, while in 2023, the Bank raised AMD equivalent of USD 2 million.
Evocabank continuously cooperates with international organizations, creating favorable development conditions for micro, small and medium businesses.
About Evocabank
By being a mobile-first bank, Evocabank provides fast, simple and innovative services and is distinguished by the active use of the latest information technologies. The Bank has been named “The Best Consumer Digital Bank in Armenia” for 7 years in a row and as the "The Best SME Bank in Armenia" for 4 years in a row by Global Finance prestigious financial magazine. The Bank continuously invests and implements innovations, offering clients the best solutions of the latest technologies. Evocabank is the first commercial bank registered in RA in 1990 and currently has a head office and 13 branches.
Website: evoca.am
About Symbiotics Investments:
Symbiotics is the leading market access platform for impact investing, dedicated to private markets in emerging and frontier economies. The group offers investment, asset management and capacity building services. Since 2005, Symbiotics Investments has originated over 7,900 investments representing more than USD 10 billion for 598 companies in 97 countries.
Website: symbioticsgroup.com
