Thursday, March 11 2010 10:01
Association of credit organizations of Armenia to receive a grant worth 62.5 thsd EUR from a Dutch organization
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.
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