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IFC SUPPORTS ARMENIA'S PRIVATE SECTOR WITH RECORD INVESTMENTS
armradio.am
25.07.2012 13:50
IFC, a member of the World Bank Group, supported private sector
development in Armenia by investing a record $80 million in the country
during the last fiscal year while advising companies in areas from
energy efficiency to food safety.
IFC invested in six projects that helped local banks extend lending
to smaller businesses and agricultural companies, key drivers
of the Armenian economy. Other IFC projects focused on creating
jobs, combating climate change and helping Armenian firms access
international markets.
"In the last few years we have increased our support to Armenia to
help address the consequences of the global economic crisis," said
Thomas Lubeck, IFC Regional Manager, South Caucasus. "We will continue
supporting small and medium enterprises, promoting energy efficiency,
and helping banks address the impact of economic uncertainty in
European financial markets."
These are some of IFC's highlights from the last fiscal year, when
ended on June 30:
~U IFC provided $30 million in financing to ACBA-Credit Agricole Bank
to support agribusiness and microfinance in rural areas, expanding
access to finance and boosting job creation;
IFC funding allowed Byblos Bank Armenia to increase access to housing
finance and supported Armenia's first energy-efficiency lending
packages from a local bank, helping save power and reduce greenhouse
gas emissions;
IFC's $15 million in financing to HSBC Bank Armenia, including up
to $4 million from the IFC-Canada Climate Change Program, helped the
bank support sustainable energy projects and provide loans to small
and medium enterprises interested in investing in energy efficient
technologies;
IFC provided advisory support to banks by designing renewable energy
and energy-efficiency financing products. It also encouraged banks
to adopt international environmental standards and helped decrease
greenhouse gas emissions;
IFC's commitments included about $30 million in trade finance
guarantees to local banks supporting foreign trade transactions by
local companies;
IFC continued supporting Lydian International, an early-stage gold
exploration company, as part of an effort to create jobs and contribute
to the growth of Armenia's economy;
Through its Armenia Investment Climate Reform Project, IFC assisted
the Armenian government in reforming its inspection systems, helping
businesses save time and resources while making the procedures more
efficient; and
IFC launched its Armenia Food Safety Improvement Project to increase
awareness of food safety issues and help food producers break into
new markets.
armradio.am
25.07.2012 13:50
IFC, a member of the World Bank Group, supported private sector
development in Armenia by investing a record $80 million in the country
during the last fiscal year while advising companies in areas from
energy efficiency to food safety.
IFC invested in six projects that helped local banks extend lending
to smaller businesses and agricultural companies, key drivers
of the Armenian economy. Other IFC projects focused on creating
jobs, combating climate change and helping Armenian firms access
international markets.
"In the last few years we have increased our support to Armenia to
help address the consequences of the global economic crisis," said
Thomas Lubeck, IFC Regional Manager, South Caucasus. "We will continue
supporting small and medium enterprises, promoting energy efficiency,
and helping banks address the impact of economic uncertainty in
European financial markets."
These are some of IFC's highlights from the last fiscal year, when
ended on June 30:
~U IFC provided $30 million in financing to ACBA-Credit Agricole Bank
to support agribusiness and microfinance in rural areas, expanding
access to finance and boosting job creation;
IFC funding allowed Byblos Bank Armenia to increase access to housing
finance and supported Armenia's first energy-efficiency lending
packages from a local bank, helping save power and reduce greenhouse
gas emissions;
IFC's $15 million in financing to HSBC Bank Armenia, including up
to $4 million from the IFC-Canada Climate Change Program, helped the
bank support sustainable energy projects and provide loans to small
and medium enterprises interested in investing in energy efficient
technologies;
IFC provided advisory support to banks by designing renewable energy
and energy-efficiency financing products. It also encouraged banks
to adopt international environmental standards and helped decrease
greenhouse gas emissions;
IFC's commitments included about $30 million in trade finance
guarantees to local banks supporting foreign trade transactions by
local companies;
IFC continued supporting Lydian International, an early-stage gold
exploration company, as part of an effort to create jobs and contribute
to the growth of Armenia's economy;
Through its Armenia Investment Climate Reform Project, IFC assisted
the Armenian government in reforming its inspection systems, helping
businesses save time and resources while making the procedures more
efficient; and
IFC launched its Armenia Food Safety Improvement Project to increase
awareness of food safety issues and help food producers break into
new markets.