Tweet
IFC HELPS EXPAND MICROFINANCE LENDING IN ARMENIA TO SUPPORT EMPLOYMENT AND REDUCE POVERTY
Web newswire
August 4, 2013 Sunday
Aug. 4 -- Yerevan, Armenia - IFC, a member of the World Bank Group,
is helping increase the lending capacity of a top microfinance
institution in Armenia, to help it finance micro, small and medium
enterprises (MSMEs) so they can expand, create jobs, and reduce
poverty.IFC will provide FINCA UCO CJSC with a loan of $4 million
in local currency, which will be lent to MSMEs and entrepreneurs
throughout the country. Increasing access to finance for small
businesses gives a significant boost to economic growth and IFC's
local currency funding will also help FINCA reduce foreign exchange
risks."FINCA aims to bring more opportunities to disenfranchised
communities in the region by offering them financial services, in an
effort to empower them to take charge of their lives," said Yervand
Barseghyan, CEO, FINCA UCO CJSC.FINCA UCO CJSC is a subsidiary of FINCA
Microfinance Holding Company, owned and managed by FINCA International,
one of the world's largest microfinance organizations.
IFC is an anchor investor in FINCA Microfinance Holding
Company."Microfinance provides financial services to the lowest income
entrepreneurs who lack access to finance," said Thomas Lubeck, IFC
Regional Manager for the South Caucasus. "Through our cooperation with
FINCA, we support the expansion of financial services to entrepreneurs,
helping their businesses to grow and employ more people from local
communities, especially in the regions."Armenia became a member and a
shareholder of IFC in 1995. Since then, IFC has invested $244 million
in 40 projects across a range of sectors, including financial markets,
manufacturing, and mining. IFC advisory services provide advice on
the financial sector, sustainable energy, business regulations,
and food safety. About IFCIFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on
the private sector. We help developing countries achieve sustainable
growth by financing investment, mobilizing capital in international
financial markets, and providing advisory services to businesses and
governments. In FY12, our investments reached an all-time high of
more than $20 billion, leveraging the power of the private sector to
create jobs, spark innovation, and tackle the world's most pressing
development challenges. For more information, visit www.ifc.org
From: A. Papazian
Web newswire
August 4, 2013 Sunday
Aug. 4 -- Yerevan, Armenia - IFC, a member of the World Bank Group,
is helping increase the lending capacity of a top microfinance
institution in Armenia, to help it finance micro, small and medium
enterprises (MSMEs) so they can expand, create jobs, and reduce
poverty.IFC will provide FINCA UCO CJSC with a loan of $4 million
in local currency, which will be lent to MSMEs and entrepreneurs
throughout the country. Increasing access to finance for small
businesses gives a significant boost to economic growth and IFC's
local currency funding will also help FINCA reduce foreign exchange
risks."FINCA aims to bring more opportunities to disenfranchised
communities in the region by offering them financial services, in an
effort to empower them to take charge of their lives," said Yervand
Barseghyan, CEO, FINCA UCO CJSC.FINCA UCO CJSC is a subsidiary of FINCA
Microfinance Holding Company, owned and managed by FINCA International,
one of the world's largest microfinance organizations.
IFC is an anchor investor in FINCA Microfinance Holding
Company."Microfinance provides financial services to the lowest income
entrepreneurs who lack access to finance," said Thomas Lubeck, IFC
Regional Manager for the South Caucasus. "Through our cooperation with
FINCA, we support the expansion of financial services to entrepreneurs,
helping their businesses to grow and employ more people from local
communities, especially in the regions."Armenia became a member and a
shareholder of IFC in 1995. Since then, IFC has invested $244 million
in 40 projects across a range of sectors, including financial markets,
manufacturing, and mining. IFC advisory services provide advice on
the financial sector, sustainable energy, business regulations,
and food safety. About IFCIFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on
the private sector. We help developing countries achieve sustainable
growth by financing investment, mobilizing capital in international
financial markets, and providing advisory services to businesses and
governments. In FY12, our investments reached an all-time high of
more than $20 billion, leveraging the power of the private sector to
create jobs, spark innovation, and tackle the world's most pressing
development challenges. For more information, visit www.ifc.org
From: A. Papazian