Yerevan, 16.February.2025,
00
:
00
1 $ = 0 ֏, 1 = 0 ֏, 1 = 0 ֏
BREAKING


Converse Bank and IFC join forces to support the growth of SMEs in Armenia

ECONOMICS

Converse Bank and the International Finance Corporation (IFC) are collaborating to enhance access to finance for small and medium-sized enterprises in Armenia. As part of this partnership, IFC will provide an unfunded risk sharing facility that covers 50% of the credit risk on a loan portfolio of US$ 10 million equivalent, enabling Converse Bank to expand its lending capabilities to SMEs.

Converse Bank is among first financial institutions in Armenia to partner with IFC in implementing this innovative risk-sharing instrument. 

Smaller businesses are key drivers of economic growth, innovation, and employment in Armenia, with micro, small, and medium enterprises (MSMEs) accounting for the majority of jobs. But they face a $1.1 billion finance gap because of challenges including limited collateral and relatively weak  financial position.

“We are launching a partnership with Converse Bank to address the significant finance gap faced by smaller businesses in Armenia. This collaboration, featuring IFC's one of the first risk sharing facilities in the country, aims to empower those businesses, including women-owned enterprises and agribusinesses, driving sustainable growth and innovation,” said Marcelo Castellanos, IFC’s Senior Regional Manager for the Financial Institutions Group in Europe.

Under the agreement, 75% of the loan portfolio covered by IFC’s risk sharing facility will be allocated to SMEs from key target groups, including women-owned businesses, agriculture and rural enterprises, and SMEs involved in climate, health and education activities in Armenia.

Andranik Grigoryan, CEO of Converse Bank, commented: “We are excited to announce this partnership with IFC as part of an innovative program aimed at enhancing SME financing in Armenia. This collaboration represents a significant step in unlocking financing opportunities for SMEs and supporting their sustainable growth. Through this initiative, we aim to expand our lending, particularly to underserved SMEs, while effectively reducing the credit risk associated with our portfolio. 

About Converse Bank 

Converse Bank is a dynamically growing universal commercial bank in Armenia, with a strong focus on the retail and MSME segments. The Bank provides a comprehensive suite of financial products and services to individuals, corporates, and institutions through its extensive distribution channels, which include a network of 33 branches, along with advanced mobile and online banking platforms.

For more information about IFC, please, visit: www.ifc.org

 

 

AraratBank Receives Prestigious Partner of the Year Award from Ria Money TransferFINTECH360 International Conference will be held in April in YerevanUnibank placed subordinated bonds ahead of schedule4,632,795 AMD for the DigiCode-2025 Competition – February's Beneficiary is QaylTechUcom Fellowship Program Participants Visit Ucom Headquarters for Leadership Insights New IDBank Branch in ArmavirPay with IDBank Mastercard and get 5% idcoin Hayk Melikyans solo concert dedicated to contemporary Armenian and swiss composersAraratBank: Caring for the Nation's DefendersIDBank issues the 1st tranche of dollar bonds of 2025AraratBank Wins Mastercard's Excellence in SME Banking Services AwardIDBank concluded the raffle of 5 iPhone 16 ProUcom Accelerates Digital Transformation with Cerillion's Cutting Edge Convergent Platform When a one dram transforms into a mighty force: "The Power of One Dram" wraps up 2024I primi cavalieri dell'Apocalisse armena Unibank opens new branch in Malatya-Sebastia district of Yerevan5,119,225 AMD to the Children of the Regions Foundation. January's beneficiary is the "Armath" educational program Ameriabank Raises $200 Million from IFC, Marking the Largest Transaction by IFC ever with a Financial Institution in ArmeniaUcom Receives the International ISO 37001 Standard to Prevent, Detect and Address Bribery May the Holiday Warm Hearts: Idram and IDBank Support the Children of HeroesBeneficiaries of the "By Your Side" program at IDBankAraratBank Named Large CSR Company of the Year Idram Joins the Fight Against Food Insecurity Ucom’s Renovated Sales and Service Center in Yerevan Mall Reopens 1% idcoin instead of New Year’s suffering: practical tips Idram Junior Donated Books to SchoolsBig Christmas Market with Idram, IDBank and idplusUcom Supports Wildlife Monitoring in Ararat Region IDBank, Idram, and idplus at the Big Christmas MarketConverse Bank Deputy CEO and CFO, Grant Akopian, Elected to BACEE BoardThe Best Gifts for New Year for Your Loved OnesUcom and SunChild NGO Install a Solar Plant in Alaverdi Kindergarten Converse Bank has been included in the list of Confirming Banks of the EBRD TFPIn 2024, Ucom Expands and Modernizes Fixed and Mobile Networks, Launches 5G in 8 More Cities, Covering a Total of 28 Cities. Acba bank to Allocate $50 Million for MSME Development Team Telecom Armenia Presents Sustainability-Linked Bonds to Prospective Investors at an Official EventConverse Bank and IFC join forces to support the growth of SMEs in Armenia4.479.792 AMD to Armenia Tree Project. the next beneficiary is Children of the regions NGO Ameriabank Presents EventHub.am: a Streamlined and User-Friendly Ticketing SolutionUcraft Introduces a New Solution for Businesses: The UC ERP Platform Ucom Announces a New Year's Deal for Those Who Join the Fixed Line AraratBank Presents the Final Part of "The Will to Get Back on Your Feet Again" Film SeriesIDMerch: IDBank’s New LoanUcom Announces New Year's Promotion for HONOR X7c Smartphones Converse Bank has become an official signatory of the UN Principles for Responsible BankingKindergarten in Artashavan Powered by Solar Energy Thanks to Ucom and SunChild Ameriabank named the Bank of the Year 2024 in Armenia by The Banker MagazineIDBank donated 10,000,000 AMD to the 27th "For You, Armenia!" Telethon “The Will to Get Back on Your Feet Again” ։ A Film Series Funded by AraratBank EasyPay has joined Idram's open QR infrastructure