IFC and BSTDB help Unibank expand lending to small and medium enterprises in Armenia

20.12.2013 20:08
IFC and BSTDB help Unibank expand lending to small and medium enterprises in Armenia

YEREVAN, December 20. / ARKA /. IFC, a member of the World Bank Group, and the Black Sea Trade and Development Bank (BSTDB) will each provide a loan of $5 million to help Armenian Unibank address the long-term financing needs of its SME clients, which often struggle to secure the funding they need to develop. IFC, through its Bank Advisory Program in Europe and Central Asia, will also support Unibank with advisory services aimed at improving risk management and SME credit processes.

“The financial resources from international financial institutions, such as IFC and BSTDB, support our strategy to become a loyal partner to our SME customers by offering them a wide range of banking services,” said Vardan Atayan, Chairman of the Executive Board of Unibank. “Thanks to this cooperation, Unibank will get an opportunity to expand its lending program.”

Andrey Kondakov, BSTDB President said: “Supporting small and medium businesses is a key condition for economic growth. This loan is an example of the cooperation that international financial institutions must develop to foster development and employment”.

Supporting the SME sector is one of IFC’s and BSDTB’s priorities in Armenia, and in the wider region.

“Limited access to finance is a key constraint for the private sector, which is critical for creating jobs and the economic growth of Armenia,” said Thomas Lubeck, IFC Regional Manager for the South Caucasus. “Our cooperation with Unibank will enable the bank to increase financial resources for businesses in a variety of sectors, leading to economic growth.”

The IFC Bank Advisory Program in Europe and Central Asia is supported by funds from the Development Bank of Austria (OeEB).

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.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine.

The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A3” by Moody’s.

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. -0-

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