ASSOCIATION OF CREDIT ORGANIZATIONS OF ARMENIA TO RECEIVE A GRANT WORTH 62.5 THSD EUR FROM A DUTCH ORGANIZATION
ArmInfo
11.03.2010
ArmInfo. The Association of credit organizations of Armenia will
receive a grant worth 62.5 thsd EUR from the Dutch organization
OXFAM NOVIB. Within the frames of the first annual meeting of the
Association of credit companies, its exchairwoman, Executive Director
of Aregak UCO Mariam Yesayan said that the Association has signed
an agreement with OXFAM NOVIB on receiving 62.5 thsd EUR. She said
the funds will be directed t creation of the executive body of the
Association whose functions have been carried out by the Association
members. In addition, part of the funds will be directed to enhancing
the professional skills of the participants.
Yesayan said that in 2010 the Association is going to establish mutual
cooperation with the associations operating in the financial market of
Armenia, particularly, with the Association of insurers of Armenia and
Union of commercial banks of Armenia. She added that though all the
operating financial structures are specializing in various segments
of the financial market, nevertheless, they have a general goal –
to create a stable financial system, which will work for the welfare
of the public.
Last year the Association also managed to establish cooperation
with the Poland-based Center for micro- financing of CIS and Eastern
Europe countries, as well as with a US international organization for
training and development of small enterprises, and an international
group working in the sphere of social treatment.
To note, the Association of credit organizations of Armenia was
registered by the Central bank of Armenia in December 2008. The
member founders of the Association are 6 credit organizations out of
the 28 in operation, namely: UCO FINCA, New Horizon, GFC – General
Financial Credit Company, SEF International, Farm Credit Armenia and
AREGAK. At the end of 2009, the share of these organizations made up
40% of the total amount of assets of all credit organizations, over
43% of the credit portfolio, and over 42% of their total capital. The
Association contributes to development of the financial-credit system
of Armenia by means of effective and complete implementation of the
potential of credit organizations. The key task of the Association
is to represent the interests of its members in the CBA, governmental
and non-governmental bodies.