April 4, 2012 -- Inspired by a steady demand for fresh milk and dairy products in Kotayk, a rural area in central Armenia, 31-year old Mamikon Yepremyan decided to start his own business. IFC’s $20 million loan last March
Armenia became a member and shareholder of IFC in 1995. IFC began providing advisory services in Armenia in 1999 and investing in the country in 2000. As of June 30, 2015, IFC’s long-term commitments in Armenia totaled $233 million*, including $23 million mobilized from third parties, financing 42 projects across a range of sectors, including financial markets, manufacturing, agribusiness, services, and mining. In addition, IFC has supported trade** transactions worth more than $122 million through its trade finance program. IFC also implements advisory projects in the areas of financial sector development, sustainable energy, regulatory simplification, and food safety.
*Starting on July 1, 2014, IFC shifted from reporting its cumulative commitment volume as a sum of short-term trade finance and long-term finance to reporting only long-term commitments. Short-term finance is now reported as the average annual outstanding portfolio balance in a given fiscal year.
**Total trade supported is measured as all trade transactions in which the given country is either the country of import or the country of export.
IFC Strategy in Armenia
One of the key objectives of the World Bank Group Country Partnership Strategy in Armenia is to support competitiveness and job creation. IFC contributes to this by:
Promoting greater access to finance for small and medium enterprises, and providing finance to competitive domestic companies to help them grow and create jobs;
Helping develop Armenia's mining sector in a sustainable and socially inclusive manner;
Establishing a market for energy efficiency and renewable energy investments;
Improving the country's investment climate and decreasing the costs of doing business, with a particular focus on the agribusiness sector.
Details of projects currently in progress can be found in IFC Disclosure. For completed projects see press releases below or visit the IFC Press Room.