CREDITS OF IFC AND EBRD ARE CHEAPEST IN REGION, IFC YEREVAN
OFFICE HEAD SAYS
26-12-2007 19:00:00 | Armenia | Economy
YEREVAN, DECEMBER 26, NOYAN TAPAN. The credit resources of
the World Bank's International Finance Corporation (IFC) are one
of the cheapest credits in the region, the IFC Yerevan Office
head Nerses Karamanukian stated at the December 26 press
conference. In his words, "there are no cheaper sources of
financial resources in this region than the IFC and the European
Bank for Reconstruction and Development (EBRD)".
In the opinion of N. Karamanukian, the cheapness of credits
of the IFC and the EBRD is conditioned by the fact that these
structures have set themselves the goal of promoting the
development of regional financial markets.
According to information on the IFC website (www.ifc.org),
since 2001, the IFC has invested 21.07 million dollars in
Armenia under various programs. 10.57 million dollars of this
sum has been provided to several banks - mainly for mortgage and
small and medium enterprises (SME) crediting. Another 25 million
dollars has been provided to Ardshininvestbank, including 15
million dollars for crediting of the above mentioned sectors.