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Economics

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

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