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 2000. Since then, IFC has invested more than $287 million in 48 projects across a variety of sectors and mobilized $9 million from other lenders, as of the end of June 2013. IFC Advisory Services provides advice through projects focused on regulatory simplification, food safety practices, sustainable energy finance, the financial sector, and corporate governance.
IFC Strategy in Armenia
IFC's strategy is part of the joint World Bank Group Country Partnership Strategy. Thus IFC’s priorities in Armenia include supporting the development of small and medium enterprises (SMEs) to create employment opportunities, promoting energy efficiency to increase the competitiveness of local companies and mitigate climate change, strengthening Armenia’s capital markets by issuing the first foreign corporate bond, and supporting the real sector through investments in competitive sectors such as agribusiness.
Through a combination of investment and advisory services, IFC is:
Contributing to the growth of financial inter-mediation to expand access to finance to SMEs;
Helping tap Armenia’s renewable energy potential and increase energy efficiency in the economy;
Promoting reforms to improve the business environment;
Supporting sustainable business practices at local enterprises.
We are continuously looking for opportunities to build on the success of our investments and advisory services programs in Armenia and increase the availability of long-term debt funding and equity investments to local enterprises in the real sector and financial markets.
IFC’s portfolio in Armenia stands at $140 including debt and equity investments in the financial markets, manufacturing, and mining sectors (as of December 31, 2013).
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.