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IFC Helps Expand Microfinance Lending In Armenia To Support Employme

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  • IFC Helps Expand Microfinance Lending In Armenia To Support Employme

    IFC HELPS EXPAND MICROFINANCE LENDING IN ARMENIA TO SUPPORT EMPLOYMENT AND REDUCE POVERTY

    Web newswire
    August 4, 2013 Sunday

    Aug. 4 -- Yerevan, Armenia - 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 reduce
    poverty.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. About IFCIFC, 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




    From: A. Papazian
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