IFC Makes Financing Available for Armenian SMEs

The International Financial Corp. has provided a $20 million loan to help a local bank in Armenia expand its microfinance and lending services to small and medium-sized companies, particularly those in the agribusiness sector.

The loan will allow ACBA-Credit Agricole Bank, one of the largest banks in Armenia, to offer more term financing services to agribusiness SMEs in remote and poor regions across the country, IFC said in a March 30 statement.

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About the author

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.