YEREVAN, July 20, /ARKA/. IFC, a member of the World Bank Grou, said it trained Armenian bankers in specific aspects of risk management to help make the banking system more stable and efficient, which is especially important to enable the economy to recover from negative effects of the global financial crisis.
In a press release IFC said it held training sessions on July 18-19 in Yerevan that covered the main trends in global banking. The training focused on financial instruments that can minimize liquidity risks arising from events such as credit rating downgrades or sudden, unexpected cash outflows. Over 20 participants from leading banks joined the program.
“The training helped participants understand how liquidity risks affect the banking business,” said Thomas Lubeck, IFC Regional Head for the Caucasus.
“Participating bankers acquired a set of standards that can be applied in their respective banks to mitigate and prevent those risks in the future.”
IFC’s Financial Crisis Response Program in Europe and Central Asia organized the training in partnership with the Development Bank of Austria. IFC is also working to improve the business-enabling environment for financial institutions, and providing in-depth consultancy to selected financial institutions in Armenia through its Armenia Banking Market Development Project.
Since Armenia became a member of IFC in 1995, IFC has invested $147 million in 28 projects across the industry spectrum, including financial markets, manufacturing, and mining. IFC Advisory Services provide advice through projects focusing on the financial sector, sustainable energy, and regulatory simplification.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. -0-
