YEREVAN, December 27. /ARKA/. International Financial Corporation (IFC) and Union of Banks of Armenia have signed a memorandum of cooperation. According to the memorandum, training courses on highly efficient SME risk management will be held for staffs of commercial banks and micro-credit organizations, press service of IFC told ARKA Agency.
During the training courses international experience will be communicated to local finance staffs to improve their skills and financial risk resistance, as well as to expand lending capacity, for small and medium businesses (SME) in particular.
Armenia became a member of IFC in 1995. Since then, some 37 economic programs worth a total of $238 million have been implemented by the IFC in the country.
Union of Banks of Armenia was founded in July 1995. There are currently 21 commercial banks operating in Armenia, all of them are members of the Union of Banks of Armenia. The main aim of the Union is to protect interests of commercial banks in the country. –0–
