IFC’S INVESTMENTS IN ARMENIA TO REACH $37 MILLION IN 2009

ARKA
September 9, 2009
YEREVAN

YEREVAN, September 9. /ARKA/. International Finance Corporation’s
investments in Armenia are to reach $37 million in 2009, Thomas Lubeck,
International Finance Corporation regional head for the Caucasus,
said Wednesday presenting the IFC’s report on sustainable development.

He said that the IFC has invested in banks, the mining industry and
the real sector of Armenia’s economy.

Lubeck also said that IFC intended to enlarge its functions.

The International Finance Corporation (IFC) promotes sustainable
private sector investment in developing countries as a way to reduce
poverty and improve people’s lives. IFC is a member of the World
Bank Group.

Armenia joined the corporation in 1995. The corporation started
investing in Armenia’s economy in 2000.

Besides investments, the IFC also finances private sector projects
and provides advice and technical assistance to businesses.

The IFC has already invested $47 million in ten projects in Armenia.

Besides, IFC intends to provide extra $120 to 160 million in credits
and as participation in private companies’ capital.