04 August 2004, 19:19
IFC to give $2 million credit to Armenian bank
The International Financial Corporation (IFC) of the World Bank will give a $ 2 million credit to Armekonombank for the purpose of crediting small and middle business as well as mortgage lending. Armekonombank and IFC have signed a contract about it.
Armekonombank Executive Director Ashot Osipian told journalists that under the contract, the credit would be given for 5 years in two equal parts. $1.5 million from the given sum will be used to credit small and medium enterprises in the field of production, construction, service and trade.
Director of IFC's Central and Eastern Europe Department Edward Nassim said IFC had conducted researches of the Armenian banking system 4 years ago and had decided it was early to make investments in this system. This deal shows that the banking system of the Republic of Armenia has improved and is trustworthy.
Author: Ashot Ter-Grigorian, CK correspondent Source: Caucasian Knot
