IFC to assist Ardshininvestbank in risk management practices improvementOctober 19, 2009 - 14:59 AMT PanARMENIAN.Net - International Financial Corporation (IFC), a member of the World Bank Group, signed an advisory services agreement with Armenia's Ardshininvestbank to help improve the bank's risk management practices and increase lending to smaller businesses. The agreement is part of IFC's broader regional crisis-response initiative focused on strengthening the banking sector to make it more sustainable. Ardshininvestbank is among the top three banks in Armenia and has an extensive branch network. In light of the recent financial crisis, IFC is helping the bank enhance its capacity to deal with nonperforming loans, mitigate risks, and strengthen its lending to local entrepreneurs and small and medium enterprises to stimulate economic development and job creation. "As a leading Armenian bank, Ardshininvestbank has attached great importance to risk assessment and management practices since its establishment," said Karen Balasanyan, Deputy Chairman of Ardshininvestbank's Management Board. "We value very much the cooperation with IFC and are confident that our clients will notice the impact of advisory services rendered by IFC experts in the near future." Thomas Lubeck, IFC Regional Head of the Caucasus, said, "We are happy to help one of Armenia's largest banks address the effects of the global financial crisis and increase the sustainability of its operations. This should create additional opportunities for economic growth in the country." Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Putin congratulates Pashinyan’s birthday Russian President Vladimir Putin congratulated Armenian Prime Minister Nikol Pashinyan on his birthday on June 1. Opposition motorcade en route to Gyumri for large rally A motorcade of protesters headed by Archbishop Bagrat Galstanyan is heading to the city of Gyumri. Ruling MPs, Foreign Minister talk Armenia-Azerbaijan processes MOs from the ruling Civil Contract party met with the Foreign Minister Ararat Mirzoyan in the Armenian parliament. Russia: Armenia’s frozen membership weakens CSTO position in Caucasus A Russian envoy said any step that could alienate the CSTO member states from each other is “deeply wrong”. |