Yerevan, Armenia, December 20, 2013—IFC,
a member of the World Bank Group, and the Black Sea Trade and Development
Bank (BSTDB) are helping Unibank expand access to finance for small and
medium enterprises (SMEs) in Armenia, to help them grow and create jobs.
IFC and BSTDB will each provide a loan of $5 million to help Unibank address
the long-term financing needs of its SME clients, which often struggle
to secure the funding they need to develop. IFC, through its Bank Advisory
Program in Europe and Central Asia, will also support Unibank with advisory
services aimed at improving risk management and SME credit processes.
“The financial resources from international financial institutions, such
as IFC and BSTDB, support our strategy to become a loyal partner to our
SME customers by offering them a wide range of banking services,” said
Vardan Atayan, Chairman of the Executive Board of Unibank. “Thanks to
this cooperation, Unibank will get an opportunity to expand its lending
Andrey Kondakov, BSTDB President said: “Supporting small and medium businesses
is a key condition for economic growth. This loan is an example of the
cooperation that international financial institutions must develop to foster
development and employment”.
Supporting the SME sector is one of IFC’s and BSDTB’s priorities in Armenia,
and in the wider region.
“Limited access to finance is a key constraint for the private sector,
which is critical for creating jobs and the economic growth of Armenia,”
said Thomas Lubeck, IFC Regional Manager for the South Caucasus. “Our
cooperation with Unibank will enable the bank to increase financial resources
for businesses in a variety of sectors, leading to economic growth.”
The IFC Bank Advisory Program in Europe and Central Asia is supported by
funds from the Development Bank of Austria (OeEB).
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in more than 100 countries, we use our capital, expertise,
and influence to help eliminate extreme poverty and promote shared prosperity.
In FY13, our investments climbed to an all-time high of nearly $25 billion,
leveraging the power of the private sector to create jobs and tackle the
world’s most pressing development challenges. For more information, visit
The Black Sea Trade and Development Bank (BSTDB) is an international financial
institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia,
Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters
are in Thessaloniki, Greece. BSTDB supports economic development and regional
cooperation by providing loans, credit lines, equity and guarantees for
projects and trade financing in the public and private sectors in member
countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB
is rated long-term “A-” by Standard and Poor’s and “A3” by Moody’s.
For information on BSTDB visit: www.bstdb.org.
Unibank CJSC was founded in 2001. The bank has 45 branches across the country
and one representative office in Moscow. All the branches of Unibank provide
comprehensive banking services. For more information about Unibank, visit:
For more information about the Development Bank of Austria (OeEB), visit: