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IFC LOAN HELPS ARMENIA'S ACBA-CREDIT AGRICOLE BOOST LENDING TO SMALL BUSINESSES, FARMERS
Noyan Tapan
2012-01-20
IFC, a member of the World Bank Group, is providing Armenia's
ACBA-Credit Agricole Bank with a $30 million loan to expand lending
to local micro, small, and medium enterprises and agribusinesses,
boosting job creation.
Amid tighter credit and volatility in international financial markets,
IFC's medium-term funding will support the bank's lending program
in rural areas through its extensive network of branches throughout
Armenia. This is the second loan IFC has provided to ACBA-Credit
Agricole Bank since March 2011. IFC previously provided the bank with
a $20 million loan, which has already been fully utilized to support
about 3,000 local clients.
"The new loan will further increase our capacity for lending to
micro and small and medium enterprises, including agribusiness,"
said Stepan Gishyan, CEO of ACBA-Credit Agricole Bank. "This is
a new stage in our successful cooperation with IFC. With this new
loan IFC significantly emphasizes its role as one of our largest
lenders. During these challenging economic, times lending to micro
and small businesses is very important for both of our institutions."
Thomas Lubeck, IFC Regional Head for the Caucasus, said: "IFC
continues to play an important role in supporting banks in emerging
markets to help expand their lending programs in priority sectors,
like agribusiness. With this second loan to the leading lender to
the agriculture sector in Armenia in a short time span, we aim to
support development of micro and small businesses, the sector that
employs a significant part of Armenian workers."
IFC partnered with ACBA-Credit Agricole Bank in 2003 to establish
ACBA Leasing, the first leasing company in Armenia. In addition to
debt finance, IFC also signed an International Swaps and Derivatives
Association master agreement, which allows ACBA-Credit Agricole to
better manage its currency and interest-rate risks.
Since Armenia became a member of IFC in 1995, IFC has invested$147
million in 28 projects across the industry spectrum, including
financial markets, manufacturing, and mining. IFC Advisory Services
also provides advice through projects focusing on the financial sector,
sustainable energy, and regulatory simplification.
About IFC
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, providing advisory services to businesses and governments,
and mobilizing capital in the international financial markets. In
fiscal 2011, amid economic uncertainty across the globe, we helped
our clients create jobs, strengthen environmental performance,
and contribute to their local communities-all while driving our
investments to an all-time high of nearly $19 billion. For more
information, visit www.ifc.org.
Noyan Tapan
2012-01-20
IFC, a member of the World Bank Group, is providing Armenia's
ACBA-Credit Agricole Bank with a $30 million loan to expand lending
to local micro, small, and medium enterprises and agribusinesses,
boosting job creation.
Amid tighter credit and volatility in international financial markets,
IFC's medium-term funding will support the bank's lending program
in rural areas through its extensive network of branches throughout
Armenia. This is the second loan IFC has provided to ACBA-Credit
Agricole Bank since March 2011. IFC previously provided the bank with
a $20 million loan, which has already been fully utilized to support
about 3,000 local clients.
"The new loan will further increase our capacity for lending to
micro and small and medium enterprises, including agribusiness,"
said Stepan Gishyan, CEO of ACBA-Credit Agricole Bank. "This is
a new stage in our successful cooperation with IFC. With this new
loan IFC significantly emphasizes its role as one of our largest
lenders. During these challenging economic, times lending to micro
and small businesses is very important for both of our institutions."
Thomas Lubeck, IFC Regional Head for the Caucasus, said: "IFC
continues to play an important role in supporting banks in emerging
markets to help expand their lending programs in priority sectors,
like agribusiness. With this second loan to the leading lender to
the agriculture sector in Armenia in a short time span, we aim to
support development of micro and small businesses, the sector that
employs a significant part of Armenian workers."
IFC partnered with ACBA-Credit Agricole Bank in 2003 to establish
ACBA Leasing, the first leasing company in Armenia. In addition to
debt finance, IFC also signed an International Swaps and Derivatives
Association master agreement, which allows ACBA-Credit Agricole to
better manage its currency and interest-rate risks.
Since Armenia became a member of IFC in 1995, IFC has invested$147
million in 28 projects across the industry spectrum, including
financial markets, manufacturing, and mining. IFC Advisory Services
also provides advice through projects focusing on the financial sector,
sustainable energy, and regulatory simplification.
About IFC
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, providing advisory services to businesses and governments,
and mobilizing capital in the international financial markets. In
fiscal 2011, amid economic uncertainty across the globe, we helped
our clients create jobs, strengthen environmental performance,
and contribute to their local communities-all while driving our
investments to an all-time high of nearly $19 billion. For more
information, visit www.ifc.org.