YEREVAN, November 2, /ARKA/. IFC, a member of the World Bank Group, said it will help Armenia’s Anelik Bank improve its risk-management practices and increase lending to smaller businesses. This initiative is part of a broader IFC strategy to strengthen banks in the region in the aftermath of the global financial crisis.
Experts from IFC’s Financial Market Crisis Response Program will help Anelik Bank build internal capacity by training bank staff in risk mitigation best practices focused mostly on long-term lending programs to small and medium enterprises.
“In our 20 years of operations, Anelik Bank has always given great importance to collaboration with international financial institutions. We cooperated with almost all international financial organizations operating in Armenia, and this program with IFC will complete the list,” said the Chairman of the Board of Anelik Bank, Samvel Chzmachian.
“This new program will enable Anelik Bank to introduce new mechanisms for risk management and raise the efficiency of lending to small and medium enterprises,” he said.
Thomas Lubeck, IFC Regional Head of the Caucasus, said, “We look forward to working with Anelik Bank to improve its risk-management practices, increase the sustainability of its small business lending operations, and create additional opportunities for economic growth in the country.”
In partnership with the governments of Austria and the Netherland, IFC in 2009 launched the Financial Market Crisis Response Program in Europe and Central Asia. The program has delivered training to over 1,000 senior- and middle-level banking professionals, disseminating good practice on risk management and how to deal with distressed assets. IFC experts are also working on legislation to help create transparent and working markets for distressed assets to facilitate the post-crisis recovery in the region.
Since Armenia became a member of IFC in 1995, IFC has invested $87 million in 18 projects across the industry spectrum, including financial markets, general manufacturing, energy, mining, and chemicals. IFC Advisory Services provide advice through projects focusing on the financial sector, sustainable energy, and investment climate regulatory simplification.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and provide essential services, by mobilizing capital from others, and by delivering advisory and risk-management services to
ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visitwww.ifc.org.
About Anelik Bank
“Anelik Bank” CJSC was founded in 1990. Anelik Bank in 1997 was the first Armenian bank to initiate its own Money Transfer system, Anelik’, which is now operating in 500 banks in nearly 100 countries. Anelik Bank also is the only Armenian bank that has its own “Anelik RU” LLC commercial subsidiary in Russian Federation, registered with the Russian Central Bank in 2003. During the last five years the assets and loan portfolio of Anelik Bank doubled and the equity nearly quadrupled. The bank has 10 branches. ($1- 357,98 драма). -0-
