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The Eurasia Foundation
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Contact: William Grant
Tel: 202-234-7370
Fax: 202-234-7377
E-mail: bgrant@eurasia.org
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Eurasia Foundation and the Izmirlian Foundation Launch Armenian Credit
Company

September 21, 2004 – The Eurasia Foundation and Izmirlian Foundation
announce the establishment of the Izmirlian – Eurasia Universal Credit
Company LLC. On July 22, 2004 the Central Bank of Armenia issued a
credit organization license to the company that will provide financing
to small businesses in Armenia.

This is the next step in the evolution of the existing small business
loan partnership program of the two foundations, establishing a
permanent, locally registered and operated credit company that will
provide medium term financing directly to small businesses. Zakar
Boyajyan has been appointed the credit company’s director; he has served
as director of the small business loan program for five years. In its
first two months of existence the Izmirlian – Eurasia Universal Credit
Company has approved loans to 11 businesses for a total of $730,000.

The Eurasia Foundation launched its small business loan program in
Armenia in 1995 with funding from USAID. Over time the program became
recognized as successfully contributing to the development of small
businesses. Based on this success, the Eurasia Foundation attracted
significant additional funding from the Lincy Foundation. In 1999, the
Izmirlian Foundation became a full partner in the program and provided a
grant that substantially increased its loan pool. The program has lent
to businesses across a wide range of sectors and in all 11 marzes
(regions) of Armenia. Through August 2004, the loan program had
disbursed $10.4 million to 294 businesses.
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Privately managed with support from the U.S. Agency for International
Development and other sponsors, the Eurasia Foundation has made over
7,000 grants totaling more than $143 million to support democratic and
economic reform in 12 countries of the former Soviet Union since 1993.
For more information, please visit or

The Izmirlian Foundation is a charitable organization established in
1995, aimed to assist economic and social development in Armenia.