PROJECT

Projects

Summary of Investment Information

Project Number

49805

Company Name

EVOCABANK OPEN JOINT STOCK COMPANY

Date SPI Disclosed

Oct 24, 2024

Country

Armenia

Region

Europe

Projected Board Date

Nov 25, 2024

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Feb 26, 2025

Department

CF6E2 - Regional Industry FIG LAC & EUR/FIG EUR2 Pol, Ukr, Mold, S Cauc

Industry

Financial Markets

Previous Events

Approved : Dec 4, 2024
Signed : Dec 10, 2024
Invested : Feb 21, 2025

Sector

Commercial Banking - General

Project Description

 The proposed investment to Evocabank Closed Joint Stock Company (Evocabank or the Bank) comprises of a Financing Package of: (i) an up to US$20 million senior A Loan on IFC own account in two equal tranches, and (ii) a B Loan of up to US$10 million to be disbursed after the first tranche of the A Loan. Additionally, the Project includes a trade finance guarantee facility under GTFP with a limit up to US$2 million (the Project). The proceeds of the Financing Package will be earmarked for financing micro, small and medium enterprises (MSMEs) with up to 50 percent of the proceeds dedicated to eligible climate related projects and 25 percent for financing women led enterprises.                                                  

Associated Advisory Engagement

 IFC’s Advisory team is exploring supporting Evocabank through an advisory project to build knowledge and further strengthen technical capacity in climate finance. 

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation