IFC Executive Vice President and CEO Lars Thunell said that investments of the International Finance Corporation (IFC) in Armenia have considerably expanded, increasing from $5 million in 2009 to $35 million as of June 30, 2010.

“It is a considerable growth, given the fact that we had been providing consultative assistance rather than financial until recent times,” said Thunell during his visit to Yerevan.

He noted that the Corporation aims not only to maintain this level, but also to advance, dependent on programs meeting the IFC’s financing criteria.

Mr. Thunell believes that, taking into consideration the amount of funds, which the Corporation is ready to invest in Armenia, as well as the interest displayed by the country’s private sector and government, the IFC’s activity in Armenia will be expanded.

“We understand that Armenia’s real estate infrastructure and construction industry have been facing difficulties, and we hope that the situation will improve through our participation in programs,” he concluded.