ARMENPRESS
IFC PARTNERS WITH ARDSHININVESTBANK TO IMPROVE ACCESS
TO SME
YEREVAN, DECEMBER 27, ARMENPRESS: International
Financial Corporation (IFC), a member of the World
Bank Group, announced Wednesday (December 26) that it
has partnered with Ardshininvestbank, a leading bank
in Armenia, to increase access to housing finance and
lending to small and medium enterprises in the
country.
Under the agreement the IFC will provide $10
million in equity and a $15 million long-term
financing package to the bank.
This investment supports IFC’s strategy in Armenia,
which focuses on improving the lives of low-income
people and increasing access to finance for affordable
housing. To help achieve this goal, IFC works with
financial intermediaries in the country and provides
advisory services.
Aram Andreasian, Chairman of Ardshininvestbank’s
Board, said, `Working with IFC is an important step in
our development. This will help us expand, improve
operations, and offer new products and services to our
clients. We look forward to a long-term partnership
that will combine IFC’s strong international banking
experience with our local expertise.’
IFC, a member of the World Bank Group, fosters
sustainable economic growth in developing countries by
financing private sector investment, mobilizing
private capital in local and international financial
markets, and providing advisory and risk mitigation
services to businesses and governments. IFC’s vision
is that poor people have the opportunity to escape
poverty and improve their lives.
In FY07, IFC committed $8.2 billion and mobilized
an additional $3.9 billion through loan participations
and structured finance for 299 investments in 69
developing countries. IFC also provided advisory
services in 97 countries.
Founded in 2003, Ardshininvestbank is one of the
largest and most successful banks in Armenia. Based on
the audited financial report as of September 30, 2007,
Ardshininvestbank is the leading bank in the country
in terms of credit portfolio and profitability, with a
net profit of about $8.9 million.
Its total assets reached nearly $250 million, and
its equity reached about $43 million. The bank is
universal and has one of the country’s largest branch
networks, with 51 branches and an office in Paris. It
offers a wide range of financial products to its
clients.