IFC’S investments in Armenia to reach $37 million in 2009
IFC’S investments in Armenia to reach $37 million in 2009ARKA, 09.09.2009
International Finance Corporation’s investments in Armenia are to reach $37 million in 2009, Thomas Lubeck, International Finance Corporation regional head for the Caucasus, said Wednesday presenting the IFC’s report on sustainable development.
He said that the IFC has invested in banks, the mining industry and the real sector of Armenia’s economy.
Lubeck also said that IFC intended to enlarge its functions.
The International Finance Corporation (IFC) promotes sustainable private sector investment in developing countries as a way to reduce poverty and improve people's lives. IFC is a member of the World Bank Group.
Armenia joined the corporation in 1995. The corporation started investing in Armenia’s economy in 2000.
Besides investments, the IFC also finances private sector projects and provides advice and technical assistance to businesses.
The IFC has already invested $47 million in ten projects in Armenia.
Besides, IFC intends to provide extra $120 to 160 million in credits and as participation in private companies’ capital. M.V.-0--
