Evocabank press release 

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. This agreement, signed in the presence of President Macron and Prime Minister Pashinyan, responds to both challenges at once.

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), in the presence of French President Emmanuel Macron and Armenian Prime Minister Nikol Pashinyan.

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.”

About Proparco

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.

About Evocabank

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.

Georgia’s Deputy Foreign Minister Lasha Darsalia has said that relations with Armenia are exemplary and important for the development of the entire South Caucasus.

“Armenia–Georgia bilateral relations are officially strategic, but I think the word ‘strategic’ is not sufficient to describe the brotherly relations that exist between Georgia and Armenia. Today they are very strong in all respects,” the Georgian Deputy Foreign Minister told Armenpress on the margins of the Yerevan Dialogue 2026 forum.

He pointed to very good cooperation in economic, political, and other fields, as well as in international organizations.

“The cooperation between Armenia and Georgia is exemplary, and it is truly very important for the development of the whole region. As for the prospects for further development of relations, I can say that there is still a lot of potential that we need to explore; perhaps there is more room to further deepen economic ties. There are many areas where we can deepen our relations, and this is actually our main goal. We have very good cooperation not only between states, but also at the inter-agency level. Almost all agencies of Georgia and Armenia cooperate very well and very closely, but there are areas where many things can still be improved in the future,” Darsalia emphasized.

Referring to the importance and significance of the already traditional Yerevan Dialogue international forum, Darsalia noted that it is becoming a very important platform not only for the region but also for other actors.

“There were very good discussions during the conference, and I myself participated in the discussion on connectivity in the South Caucasus. We were talking about the importance of our region and the role that it can play in connecting the wider region and different parts of the world,” the Georgian Deputy Foreign Minister said.

According to him, the transit role of the South Caucasus is increasing, and the region’s importance is rising, especially in today’s turbulent world, when many developments are taking place around the South Caucasus.

“Our region now has the opportunity to become a truly connecting region, and regional cooperation is something that Georgia strongly promotes. We have all been searching for and waiting for this opportunity for the past 35 years. This region went through many tragedies, wars, conflicts, and a great deal of chaos in the 1990s, and today we truly have the opportunity to turn it into a space of cooperation and peace. This will make our region an important hub for international trade, investment, and connectivity,” Darsalia emphasized.

The new cooperation agreement signed between Armenia and France will enable the two countries to deepen their already three-year-long cooperation in research and innovation, particularly in the fields of unmanned aerial vehicles, artificial intelligence, and quantum computing.

Alice Rufo, Minister Delegate to the French Minister for the Armed Forces and Veterans Affairs, hailed the signing of the memorandum of understanding during French President Emmanuel Macron’s state visit to Armenia.

“I am pleased with the signing of the memorandum of understanding with Armenia’s Minister of High-Tech Industry, Mkhitar Hayrapetyan. It formalized the cooperation between the ministry he leads and the Defense Innovation Agency of the [French] Ministry of the Armed Forces. This agreement will allow us to deepen the cooperation between our two countries, which began in 2023, in the fields of research and innovation, particularly in unmanned aerial vehicles, artificial intelligence, and quantum computing,” Rufo said on X.

Within the framework of French President Emmanuel Macron’s state visit to Armenia, important documents aimed at developing bilateral cooperation in the fields of high technology and the defense industry were signed on May 5.

A memorandum of understanding was signed between the Government of the Republic of Armenia and the Government of the French Republic on cooperation in the fields of artificial intelligence, cybersecurity, and semiconductors.