The EU-EBRD Capital Market Support Programme is being launched to support corporate issuers of capital market instruments, in collaboration with the Ministry of Economy. It will complement the ongoing financial incentives for issuers of bonds and equity provided by the Ministry of Economy.

The programme will provide capacity-building and support in the preparation of issuances, as well as additional financial incentives for selected corporates. All potential issuers of capital market instruments are encouraged to apply to the EU-EBRD Programme, including if they intend to benefit from the Ministry of Economy incentives. Selected corporates will receive tailored advisory to ensure that they benefit from both programmes if they are eligible.

• Application Submission: The Application Submission phase is open from June 9, 2025 till September 12, 2025. Applications mainly consist of a structured questionnaire with mostly Yes/No questions designed for preliminary eligibility assessment. The following sectors are not eligible to participate in the programme: Alcohol; Tobacco; Weapon manufacturing; Gambling Banks (excluding other financial institutions)
• Analysis of the Programme Participants: Starting in September, an analysis of all registered participants will be conducted. The programme prioritizes: Inaugural Issuances, Equity Issuances, and GSS+ Labelled Issuances.
• Selection of Winners by the Selection Committee: In November, a Selection Committee — comprising representatives from EBRD, MoE, CBA, AMX, FINARM, and institutional investors — will select the successful candidates. Key selection criteria include: probability of issuance, financial profile, business profile, corporate governance, and legal readiness.
• CMS Winner Financing: At the final stage, companies eligible for state assistance will receive support with their application process. The core service of the programme is the grant financing scheme, which will provide financial support to selected candidates to cover public security issuance-related costs. The grant financing range is between EUR 25,000 and 75,000 (approximately AMD 11 to 33 million).

The joint structure of the programmes is explained in the diagram below.