Evocabank and Proparco-AFD sign a €20 mln credit agreement to advance women’s entrepreneurship and renewable energy in Armenia.
As France and Armenia mark a new chapter in their bilateral relationship during President Emmanuel Macron’s State Visit to Armenia, Evocabank and Proparco-AFD (Groupe Agence française de développement) signed a €20 million credit agreement targeting two of Armenia’s most pressing development priorities: the economic empowerment of women and the country’s energy transition.
In Armenia, women represent only 17% of business owners. A structural gap that limits the country’s economic potential and social cohesion. At the same time, Armenia is actively seeking to reduce its dependence on energy imports and accelerate its transition towards renewable sources.
Half of the credit line: €10 million, will finance women-led businesses, strengthening women’s access to formal financing and entrepreneurship. The transaction is eligible under the 2X Challenge, an international initiative by development finance institutions that sets standards for gender-lens investing. The remaining €10 million will support the development of Evocabank’s renewable energy portfolio, contributing to Armenia’s clean energy ambitions. In total, nearly 17,000 jobs will be sustained and over 300 MSMEs supported.
This agreement reflects a shared ambition: Evocabank, as one of Armenia’s most forward-looking financial institutions, and Proparco-AFD, as a committed partner of the country’s private sector development, are joining forces to put finance at the service of those who are too often left behind — women entrepreneurs and communities seeking access to clean energy.
The signing ceremony took place within the framework of the EPC 2026 Summit (European Political Community).
Evocabank CEO Karen Yeghiazaryan said: “This agreement marks a significant milestone for Evocabank and an important step toward advancing long-term economic growth in Armenia. Our partnership with Proparco-AFD reflects our continued focus on scaling impact by combining global expertise with deep local knowledge. Over the years, Evocabank has consistently supported women-led businesses by expanding access to finance and fostering entrepreneurship, and this agreement enables us to further strengthen that commitment. We remain dedicated to delivering innovative financial solutions that create tangible value for our clients and help shape a more sustainable and equitable future.”
Proparco – a subsidiary of the Agence française de développement (AFD) – conducts its action within the framework of France’s international development and solidarity program. It operates in more than 115 countries in Africa, Asia, Latin America, Eurasia, and the Middle East. With a specific focus on supporting innovation in sustainable development and working alongside the innovators who are shaping the private sector of tomorrow, Proparco helps to create decent jobs, provide essential goods and services, and combat climate change. Proparco actively contributes to France’s international partnership and sustainable investment policy.
Evocabank, as the first registered commercial bank in Armenia, not only provides fast, convenient, and innovative banking services but also shapes a modern banking culture. The Bank places special emphasis on the development of mobile services, creating an environment where any financial transaction can be completed without visiting the bank, directly via the EvocaTOUCH app. Evocabank remains fully committed to its vision: “To be the most innovative and progressive commercial bank in Armenia whose services will be available online without visiting the Bank.” All this is evidenced by the numerous awards Evocabank has received from prestigious international magazines and organizations over the years, such as “Best Bank in Armenia,” “Best Digital Bank in Armenia,” “Best SME Bank in Armenia,” “Best Mobile Banking App in Armenia,” and more.