YEREVAN, August 26. /ARKA/. International Finance Corporation invested $70 million in Armenia in the fiscal year that ended on July 30, 2011, IFC Regional Director Thomas Lubeck said on Friday.

This is two times greater amount than that invested in Armenia in the previous fiscal year.

Lubeck told journalists that the IFC has enlarged its financial participation in Armenia’s economy.

He said the bulk of investments has targeted banking sector and small and mid-scale businesses, particularly agricultural.

The IFC regional director said that certain part of investments has been intended for development of risk management in local banks.

Armenia joined the International Finance Corporation in 1995. The IFC has invested $147 million under 28 programs since then. -0--