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  • IFC Partners with Armenia's Union of Banks to Strengthen Financial S

    India Public Sector News
    December 26, 2012 Wednesday 6:30 AM EST


    IFC Partners with Armenia's Union of Banks to Strengthen Financial
    Sector, Boost Economy


    New Delhi, Dec. 26 -- IFC, a member of the World Bank Group, is
    partnering with Armenia's Union of Banks to strengthen the financial
    sector by helping train staff of financial institutions on how to
    better manage risks and provide services to small and medium
    businesses, supporting economic recovery in the country.

    IFC and the Union of Banks of Armenia signed a cooperation agreement
    today to train employees of financial institutions in risk management
    and banking for small and medium enterprises. A series of trainings
    will share international practice in those areas with staff of
    financial institutions, helping them improve their capacity to avoid
    further financial shocks and strengthen lending to small businesses
    and entrepreneurs.

    "We welcome the opportunity to partner with IFC to help promote
    international experience and knowledge to the banking sector of
    Armenia," said Ashot Osipyan, President of the Union of Banks of
    Armenia.

    Thomas Lubeck, IFC Regional Manager for the South Caucasus, said, "IFC
    has significantly increased its activities in Armenia's banking
    sector. This new cooperation is another opportunity to enhance the
    capacity of employees in the financial sector. Through this initiative
    we will help local banks provide better services to their clients
    across various sectors of the economy, contributing to growth."

    This initiative is part of the IFC Banking Advisory Program in Europe
    and Central Asia, designed to support financial institutions in their
    recovery from the global economic crisis and supporting long-term
    sustainable economic development in the region. IFC is implementing
    the project in Armenia in partnership with the Development Bank of
    Austria (OeEB).

    Armenia became a member and a shareholder of IFC in 1995. Since then,
    IFC has invested $238 million in 37 projects across a range of
    sectors, including financial markets, manufacturing, and mining. IFC
    Advisory Services provides advice through projects focusing on the
    financial sector, sustainable energy, regulatory simplification, and
    food safety.

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