Yerevan, Armenia, November 2, 2010—IFC,
a member of the World Bank Group, will help Armenia’s Anelik Bank improve
its risk-management practices and increase lending to smaller businesses.
This initiative is part of a broader IFC strategy to strengthen banks in
the region in the aftermath of the global financial crisis.
Experts from IFC’s Financial Market
Crisis Response Program will help Anelik Bank build internal capacity by
training bank staff in risk mitigation best practices focused mostly on
long-term lending programs to small and medium enterprises.
“In our 20 years of operations, Anelik
Bank has always given great importance to collaboration with international
financial institutions. We cooperated with almost all international financial
organizations operating in Armenia, and this program with IFC will complete
the list,” said the Chairman of the Board of Anelik Bank, Samvel Chzmachian.
“This new program will enable Anelik Bank to introduce new mechanisms
for risk management and raise the efficiency of lending to small and medium
Thomas Lubeck, IFC Regional Head of
the Caucasus, said, “We look forward to working with Anelik Bank to improve
its risk-management practices, increase the sustainability of its small
business lending operations, and create additional opportunities for economic
growth in the country.”
In partnership with the governments of Austria and the Netherland, IFC
in 2009 launched the Financial Market Crisis Response Program in Europe
and Central Asia. The program has delivered training to over 1,000 senior-
and middle-level banking professionals, disseminating good practice on
risk management and how to deal with distressed assets. IFC experts are
also working on legislation to help create transparent and working markets
for distressed assets to facilitate the post-crisis recovery in the region.
Since Armenia became a member of IFC
in 1995, IFC has invested $87 million in 18 projects across the industry
spectrum, including financial markets, general manufacturing, energy, mining,
and chemicals. IFC Advisory Services provide advice through projects focusing
on the financial sector, sustainable energy, and investment climate regulatory
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in developing countries. We create
opportunity for people to escape poverty and improve their lives. We do
so by providing financing to help businesses employ more people and provide
essential services, by mobilizing capital from others, and by delivering
advisory and risk-management services to ensure sustainable development.
In a time of global economic uncertainty, our new investments climbed to
a record $18 billion in fiscal 2010. For more information, visit www.ifc.org.
For more information about IFC’s
Anelik Bank, www.anelik.am,
The Austrian Ministry of Finance, http://english.bmf.gv.at
The Government of the Netherlands, www.minbuza.nl/en/home