IFC supports development of small and medium enterprises in Armenia

PanARMENIAN.Net - With International Financial Corporation’s (IFC) funding, ACBA Leasing will finance the leasing of transportation vehicles and manufacturing and agricultural equipment to small and medium Armenian businesses across the country through ACBA-Credit Agricole Bank’s existing branch network.

“This timely support from IFC will help ACBA Leasing diversify our funding base and deepen institutional capacity to meet clients’ needs,” said Stepan Gishyan, General Manager of ACBA Leasing. “It also will allow us to continue our policy of financing local businesses to obtain new equipment under leasing, thus helping the Armenian economy recover after the global financial crisis.”

Thomas Lubeck, IFC Regional Head, Caucasus, said, “Leasing is an excellent financial product for small and midsize companies, and IFC has been supporting the development of leasing in Armenia since 2002. We are happy to build on our investment relationship with such a strong company as ACBA Leasing.”

IFC was a founder of ACBA Leasing, Armenia’s first leasing company and a subsidiary of ACBA Credit Agricole Bank. IFC invested equity and provided a long-term senior loan to the company in 2003, the IFC press service said to PanARMENIAN.Net

IFC has been investing in Armenia since 2000, supporting financial institutions, small retailers, and the hotel and other industries. IFC also has implemented advisory projects to strengthen the financial sector, establish a sustainable market for energy efficiency and renewable energy investments, and improve the country’s business environment.