IFC looks for new investment spheres in Armenia

2009-07-04 15:02:00

ArmInfo. The International Finance Corporation (IFC) is looking for new
investment spheres beyond the financial sector in Armenia, IFC Head for
the Caucasus Thomas Lubeck told ArmInfo correspondent. He pointed out
that at the moment IFC is considering possible financing of such
spheres as trade, energy and gold mining. IFC is going to be more and
more active in Armenia and contribute to economy development, he
stressed. Lubeck also recalled that IFC is currently working with some
Armenian banks – Armeconombank, Ardshininvestbank and INECOBANK,
moreover IFC is one of the majority shareholders in Ardshininvestbank
and INECOBANK.

According to him, the support to the Armenian banking system (provision
of guarantees, financing, participation in capitals of banks) under the
crisis conditions holds an important place in the IFC strategy. The
latter attaches much significance to the current potential of Armenian
commercial banks as they have accomplished mechanisms on SME support,
and this contributes to economy development, Lubeck stressed.

As Head of IFC Office in Yerevan Nerses Karamanukyan told ArmInfo
correspondent earlier, trade financing exclusive, IFC directed $3 mln
to Armenia’s economy. For 2009 IFC intended to provide Armenian
commercial banks with loans worth $50 mln for small and medium business
financing.

From: Emil Lazarian | Ararat NewsPress