Friday, August 26 2011 17:22

In FY 2001 IFC increased its loan book in Armenia by 20%


ArmInfo. In FY 2001 (July 1 2010-June 2011) the International Finance Corporation (IFC) increased its loan book in Armenia by 20% to $100mln by boosting loan demand and centralizing lending activities, Thomas Lubeck, IFC Regional Head, the Caucasus, said during a press-conference on Friday.

The IFC's partners were ACBA-Credit Agricole Bank (mostly in agribusiness), Armeconombank, Ameriabank as well as companies operating outside the banking sector.

In FY 2011 the IFC redoubled its investments in Armenia to $70mln. The investment portfolio - loans and capital investments in the financial market, production and mining - totalled $102mln.

Lubeck said that the IFC is open to business proposals. In the past years the Corporation has gradually increased its investments in the Armenian economy: from $5mln in 2009 and $35mln in 2010 to $70mln in 2011. Lubeck hopes that in 2011 the IFC will invest even more. There are good prospects of partnership with banks in crediting SMEs, agribusiness, small-scale wholesale trade and mining.

Armenia joined the IFC in 1995. As of today, the IFC has 28 programs worth a total of $147mln to support Armenia's financial market, production, power engineering and mining. The Corporation has 10% stakes in Ardshininvestbank and INECOBANK and a share in the Lydian International mineral exploitation and development company.
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