Yerevan, Armenia, July 18, 2013—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
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.
IFC, 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
For more information about FINCA
UCO CJSC, visit: www.finca.am