IFC and FMO Help Armenia's Armeconombank Fund Small and Medium Enterprises
Yerevan, Armenia, December 30, 2010-IFC, a member of the World Bank Group, is helping Armenia's Armeconombank expand access to finance for small and medium enterprises and boost economic recovery and growth by mobilizing international funding for the bank.
IFC is providing Armeconombank with a senior loan of up to $5 million, and will mobilize a parallel senior loan of up to $5 million from the Netherlands Development Finance Company, known as FMO. The financing illustrates IFC's catalyst role mobilizing resources and coordinating efforts of development finance institutions and the
