Yerevan
Tbilisi
Moscow
Paris
Los Angeles
Beijing
English
Հայերեն Русский
Main Timeline Video Share
May the Holiday Warm Hearts: Idram and IDBank Support the Children of Heroes Beneficiaries of the "By Your Side" program at IDBank AraratBank 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 Schools Big Christmas Market with Idram, IDBank and idplus Ucom Supports Wildlife Monitoring in Ararat Region IDBank, Idram, and idplus at the Big Christmas Market Converse Bank Deputy CEO and CFO, Grant Akopian, Elected to BACEE Board Ucom and SunChild NGO Install a Solar Plant in Alaverdi Kindergarten
Timeline
Brilliant Performance of Khachaturian’s Piano Concerto by the Thessaloniki Symphony Orchestra — Dedicated to the Memory of the Victims of the Armenian GenocideAraratBank Supports Launch of the 15th Anniversary “Faces of Memory” Seminar “Your Relative is in Danger”: IDBank Warns About an Aggressive Wave of Phone ScamsSoft Construct Showcased New Career Opportunities at Career City Fest 2K26 Financial Literacy Course for Learning Mission non-profit organization. Idram&IDBank A New Level of Digital Banking: IDBank Launches Strategic Partnership with OracleInternational Mother Earth Day. Idram&IDBankUcom Announces the Launch of Its Carbon Footprint Management ProgramUnibank issues USD bonds with a 5.6% yieldAraratBank’s Unwavering Commitment: 5 Years, 172 Beneficiaries, and over 100 ProjectsIDBank and Idram participate in Career City FestAraratBank’s Unwavering Commitment: 5 Years, 172 Beneficiaries, and over 100 Projects Grant Akopian Appointed CEO and Chairman of the Management Board of Converse Bank Travel in comfort with the Mastercard World "Travel" Cards from Unibank Ucom Supports Free FPV Drone Training for Teenagers by the ArmDrone Community AraratBank’s Special Offer at Leasing Expo Attracts Strong Customer Interest Flexible Terms when Transferring your Mortgage Loan to AraratBankThe Defense Team of the “Sacred Struggle” Releases Evidence Exposing a Fabricated Terrorism Case Unibank Awarded Client Protection Certification by MFR The Power of One Dram April Beneficiary: Davitbek Games NGO
All Timeline »
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