YEREVAN, June 2. /ARKA/.  The Management Board of the Central Bank of Armenia (CBA) said today it has invalidated the license that was awarded to Nor Horizon universal credit organization.

According to the press service of the Central Bank, the license was invalidated due to a set of violations of the legislation regulating the activities of credit organizations committed by the organization.

The license had been awarded to the organization in 2006. Nor Horizon LLC was founded by Horizon Foundation, which owned 86% of its shares.

The foundation was established in 2002 to help overcome poverty in Armenia, develop SMEs, and improve access to financial services in remote and border areas. Its founders were the OXFAM, the Kapan Business Support Center, and the HASK-96 public association. -0-