Yerevan, December 10, 2007—IFC,
a member of the World Bank Group, announced today that it will partner
with Ardshininvestbank, a leading bank in Armenia, to increase access to
housing finance and lending to small and medium enterprises in the country.
IFC will provide $10 million in equity and a $15 million long-term financing
package to the bank.
This investment supports IFC’s strategy in Armenia, which focuses on improving
the lives of low-income people and increasing access to finance for affordable
housing. To help achieve this goal, IFC works with financial intermediaries
in the country and provides advisory services.
Karen Safaryan, Chairman of Ardshininvestbank’s Board of Directors, said,
“Working with IFC is an important step in our development. This will help
us expand, improve operations, and offer new products and services to our
clients. We look forward to a long-term partnership that will combine
IFC’s strong international banking experience with our local expertise.”
Jerome Sooklal, IFC Director for Central and Eastern Europe, said, “Through
this investment in Ardshininvestbank, one of Armenia’s largest banks with
an extensive branch network, IFC can make a significant impact on the development
of the entire Armenian financial sector. We are pleased to help the bank
expand its funding base and increase its ability to finance underserved
markets, such as housing finance and SMEs.”
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth
in developing countries by financing private sector investment, mobilizing
private capital in local and international financial markets, and providing
advisory and risk mitigation services to businesses and governments. IFC’s
vision is that poor people have the opportunity to escape poverty and improve
their lives. In FY07, IFC committed $8.2 billion and mobilized an additional
$3.9 billion through loan participations and structured finance for 299
investments in 69 developing countries. IFC also provided advisory services
in 97 countries. For more information, visit www.ifc.org.
About Ardshininvestbank CJSC
Founded in 2003, Ardshininvestbank is one of the largest and most successful
banks in Armenia. Based on the audited financial report as of September
30, 2007, Ardshininvestbank is the leading bank in the country in terms
of credit portfolio and profitability, with a net profit of about $8.9
million. Its total assets reached nearly $250 million, and its equity reached
about $43 million. The bank is universal and has one of the country’s
largest branch networks, with 51 branches and an office in Paris. It offers
a wide range of financial products to its clients. For more information,
visit www.ashib.am.
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