Yerevan, Armenia, March 17, 2014—IFC,
a member of the World Bank Group, is helping Armenia’s Unibank increase
access to finance for small and medium enterprises (SMEs) engaged in international
trade transactions, boosting trade, economic growth, and job creation.
IFC will provide Unibank with a short-term revolving loan of up to $5 million
designed specifically to support trade working capital. Unibank will use
the loan to provide finance for the trade and foreign currency working
capital needs of SMEs, who often struggle to get the finance they need
to expand and create jobs.
"This new loan from IFC will help us offer good conditions to our
borrowers, increasing opportunities for many Armenian entrepreneurs. Our
approach aims to support growth and expansion of businesses, especially
small and medium enterprises," said Vardan Atayan, Chairman of the
Executive Board, Unibank.
In December 2013, IFC provided Unibank with a $5 million loan to address
the long-term financing needs of its SME clients. IFC is also supporting
the bank with advisory services aimed at improving risk management and
SME credit processes.
“Small and medium-sized importers and exporters in Armenia often have
limited access to this type of short-term finance solution to run their
day-to-day operations,” said Thomas Lubeck, IFC Regional Manager for the
South Caucasus. “We hope that the project will address this challenge,
benefit local companies and have a positive impact on the economy.”
Armenia became a member and a shareholder of IFC in 1995. Since then, IFC
has invested $287 million in 48 projects across a range of sectors, including
financial markets, manufacturing, and mining. IFC advisory services provide
advice on the financial sector, sustainable energy, business regulations,
and food safety.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in more than 100 countries, we use our capital, expertise,
and influence to help eliminate extreme poverty and promote shared prosperity.
In FY13, our investments climbed to an all-time high of nearly $25 billion,
leveraging the power of the private sector to create jobs and tackle the
world’s most pressing development challenges. For more information, visit
Unibank CJSC was founded in 2001. The bank has 45 branches across the country
and one representative office in Moscow. All the branches of Unibank provide
comprehensive banking services. For more information about Unibank, visit: