OREANDA-NEWS. December 20, 2007. IFC, a member of the World Bank Group, announced that it will partner with Ardshininvestbank, a leading bank in Armenia, to increase access to housing finance and lending to small and medium enterprises in the country. IFC will provide $10 million in equity and a $15 million long-term financing package to the bank. 

This investment supports IFC's strategy in Armenia, which focuses on improving the lives of low-income people and increasing access to finance for affordable housing. To help achieve this goal, IFC works with financial intermediaries in the country and provides advisory services.

Karen Safaryan, Chairman of Ardshininvestbank’s Board of Directors, said, "Working with IFC is an important step in our development. This will help us expand, improve operations, and offer new products and services to our clients.  We look forward to a long-term partnership that will combine IFC's strong international banking experience with our local expertise."

Jerome Sooklal, IFC Director for Central and Eastern Europe, said, "Through this investment in Ardshininvestbank, one of Armenia's largest banks with an extensive branch network, IFC can make a significant impact on the development of the entire Armenian financial sector. We are pleased to help the bank expand its funding base and increase its ability to finance underserved markets, such as housing finance and SMEs."