Thomas Lubeck, IFC Regional Head for the Caucasus, said that lending to small and medium-sized companies will contribute to tackling unemployment and create grounds for economic growth.

On March 30, a loan agreement was signed between IFC, a member of the World Bank Group, and ACBA-Credit Agricole Bank, under which IFC will allocate USD 20mln to the bank to finance SMEs, including those operating in agribusiness sector.

Armenia is among those countries, which were considerably affected by the global crisis, Lubeck told a press conference in Yerevan. “15% drop was recorded in GDP in 2009. But in 2010, an economic growth was secured. And this process is under way,” he said.

Lubeck added that there are some risks related to demand, “but the Armenian government has taken active measures to overcome the crisis consequences.”