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India Public Sector News
December 26, 2012 Wednesday 6:30 AM EST
IFC Partners with Armenia's Union of Banks to Strengthen Financial
Sector, Boost Economy
New Delhi, Dec. 26 -- IFC, a member of the World Bank Group, is
partnering with Armenia's Union of Banks to strengthen the financial
sector by helping train staff of financial institutions on how to
better manage risks and provide services to small and medium
businesses, supporting economic recovery in the country.
IFC and the Union of Banks of Armenia signed a cooperation agreement
today to train employees of financial institutions in risk management
and banking for small and medium enterprises. A series of trainings
will share international practice in those areas with staff of
financial institutions, helping them improve their capacity to avoid
further financial shocks and strengthen lending to small businesses
and entrepreneurs.
"We welcome the opportunity to partner with IFC to help promote
international experience and knowledge to the banking sector of
Armenia," said Ashot Osipyan, President of the Union of Banks of
Armenia.
Thomas Lubeck, IFC Regional Manager for the South Caucasus, said, "IFC
has significantly increased its activities in Armenia's banking
sector. This new cooperation is another opportunity to enhance the
capacity of employees in the financial sector. Through this initiative
we will help local banks provide better services to their clients
across various sectors of the economy, contributing to growth."
This initiative is part of the IFC Banking Advisory Program in Europe
and Central Asia, designed to support financial institutions in their
recovery from the global economic crisis and supporting long-term
sustainable economic development in the region. IFC is implementing
the project in Armenia in partnership with the Development Bank of
Austria (OeEB).
Armenia became a member and a shareholder of IFC in 1995. Since then,
IFC has invested $238 million in 37 projects across a range of
sectors, including financial markets, manufacturing, and mining. IFC
Advisory Services provides advice through projects focusing on the
financial sector, sustainable energy, regulatory simplification, and
food safety.
December 26, 2012 Wednesday 6:30 AM EST
IFC Partners with Armenia's Union of Banks to Strengthen Financial
Sector, Boost Economy
New Delhi, Dec. 26 -- IFC, a member of the World Bank Group, is
partnering with Armenia's Union of Banks to strengthen the financial
sector by helping train staff of financial institutions on how to
better manage risks and provide services to small and medium
businesses, supporting economic recovery in the country.
IFC and the Union of Banks of Armenia signed a cooperation agreement
today to train employees of financial institutions in risk management
and banking for small and medium enterprises. A series of trainings
will share international practice in those areas with staff of
financial institutions, helping them improve their capacity to avoid
further financial shocks and strengthen lending to small businesses
and entrepreneurs.
"We welcome the opportunity to partner with IFC to help promote
international experience and knowledge to the banking sector of
Armenia," said Ashot Osipyan, President of the Union of Banks of
Armenia.
Thomas Lubeck, IFC Regional Manager for the South Caucasus, said, "IFC
has significantly increased its activities in Armenia's banking
sector. This new cooperation is another opportunity to enhance the
capacity of employees in the financial sector. Through this initiative
we will help local banks provide better services to their clients
across various sectors of the economy, contributing to growth."
This initiative is part of the IFC Banking Advisory Program in Europe
and Central Asia, designed to support financial institutions in their
recovery from the global economic crisis and supporting long-term
sustainable economic development in the region. IFC is implementing
the project in Armenia in partnership with the Development Bank of
Austria (OeEB).
Armenia became a member and a shareholder of IFC in 1995. Since then,
IFC has invested $238 million in 37 projects across a range of
sectors, including financial markets, manufacturing, and mining. IFC
Advisory Services provides advice through projects focusing on the
financial sector, sustainable energy, regulatory simplification, and
food safety.