IFC supports development of small and medium enterprises in ArmeniaJune 7, 2010 - 17:01 AMT 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. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |