IFC TO EXPAND COOPERATION WITH FINANCIAL ORGANIZATIONS, ENTERPRISES OF REAL ECONOMIC SECTOR IN ARMENIA

ARKA News Agency
Jan 7 2008
Armenia

YEREVAN, January 7. /ARKA/. The International Financial Corporation
(IFC) intends to expand its cooperation with both financial
organizations and enterprises of the real economic sector in Armenia,
the Head of IFC Yerevan Office Nerses Karamanukian told ARKA agency.

The current volume of financing by IFC in Armenia is $19mln, he said.

He pointed out that negotiations are held on a couple of programs
that will allow increasing the indicator.

Karamanukian also said that participation of the Corporation in
financing projects in Armenia will grow. "We intend to implement
projects in Armenia for $10-$15mln each," he said.

Armenia became a member of IFC in 1995. The Corporation started
implementing investments in Armenia in 2000. As of October 31 2007,
the total volume of investments by the Corporation was $21mln on
8 projects.

Along with investments, IFC is implementing technical assistance
projects to improve corporate management and investment climate and
to develop small and medium businesses.

On December 26 IFC became a 10% shareholder of Ardshininvestvank. The
Corporation had similar deal with Inecobank in July 2006.

IFC intends to provide long-term loans for $15mln to Ardshininvestbank
for crediting of small and medium businesses and financing of mortgage
transactions.