OPEC Fund arranges US$30 million facility to boost access to finance for local businesses and green projects in Armenia

October 21, 2025: The OPEC Fund for International Development (the OPEC Fund) has arranged a US$30 million syndicated loan facility for Evocabank in Armenia. The OPEC Fund is contributing US$10 million from its own resources as an A-lender, while mobilizing an additional US$20 million in B-loans from the European Fund for Southeast Europe (EFSE) and the Green for Growth Fund (GGF). EFSE is managed by Finance in Motion, which acts as advisor to GGF. The OPEC Fund acted as the sole bookrunner, mandated lead arranger and facility agent.

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.”

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

The syndication marks an important milestone in the OPEC Fund’s efforts to mobilize third-party resources in support of development in its partner countries. This transaction is the first participation in an OPEC Fund B-loan syndication offering for Finance in Motion, one of the leading impact asset managers specializing in development finance and climate funds.

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 stated: 

“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 organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. 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 US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.

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. Through its two sub-funds — the Regional Sub-Fund (RSF) and the Ukraine Sub-Fund (USF) — EFSE provides tailored financial solutions to foster entrepreneurship, strengthen financial inclusion, and support local economies. EFSE was initiated in 2005 by KfW Development Bank with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission. As the first public-private partnership of its kind, EFSE draws its capital from donor agencies, international financial institutions, and private institutional investors. Finance in Motion GmbH, Germany, serves as EFSE’s Portfolio Manager and Hauck & Aufhäuser Fund Services S.A., Luxembourg, acts as manager.  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. By providing refinancing to local financial institutions, GGF helps businesses and households access sustainable energy solutions, fostering energy efficiency and reducing carbon emissions. GGF was initiated as a public-private partnership by the European Investment Bank and Germany’s KfW Development Bank, with financial support from the European Union, BMZ, and other international investors. Finance in Motion GmbH, Germany, serves as GGF’s advisor. www.ggf.lu

About Finance in Motion

Finance in Motion structures, manages, and advises almost €4 billion across nine funds, all classified as Article 9. These private market funds drive impact for people and planet through regional financial intermediaries, direct investments, advisory and capacity building. Founded in Germany, with local expertise from Latin America to CEE, it has been investing in emerging markets for over 20 years. www.finance-in-motion.com