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 has been dogged by an economic slowdown in recent years, triggered in part by a recession in Russia, its neighbor and main trading partner. Since 2008, in part due also to the global economic crisis, foreign direct investments in the country
Armenia became an IFC member in 1995. Since then, IFC’s long-term investment commitments have totaled $480 million, including nearly $118 million mobilized from other lenders. That has financed 49 projects across a range of sectors, including financial markets, manufacturing, agribusiness, services, and mining. IFC has also supported trade transactions worth more than $130 million through its trade finance program, and implemented advisory projects focused on private sector development.
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.