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Economics

Converse Bank Partners with IFC to Boost Trade Finance Capabilities

Converse Bank has secured trade finance line from the International Finance Corporation (IFC). The agreement was signed on June 16 in Vienna by IFC's Regional Industry Manager, Financial Institutions Group, Europe, Etleva Koka and Converse Bank's CEO, Chairman of the Executive Board Andranik Grigoryan. It aims at strengthening Bank’s support for importers and exporters in Armenia and enhancing the Bank’s capacity to facilitate international trade, improve access to global markets, and provide better financing solutions for its customers involved in trade worldwide. 

The collaboration reflects Converse Bank’s commitment to fostering economic growth through expanded trade opportunities and improved risk management.

 “With this new collaboration, IFC becomes one of Converse Bank’s key strategic partners in trade finance,” said Andranik Grigoryan, CEO, Chairman of the Executive Board of Converse Bank. “We are confident that this cooperation will enhance the Bank’s presence in the international trade finance market and position us as a trusted financial partner for businesses seeking to expand globally. This, in turn, will contribute to the development of Armenia’s business environment and economy.”

An IFC representative emphasized the organization’s ongoing efforts in Armenia in partnership with the local banking sector. These include also support for micro, small, and medium enterprises (MSMEs), initiatives to empower women entrepreneurs, as well as programs focused on green financing. 

“This new partnership with Converse Bank aims to strengthen trade finance in Armenia, a critical driver of economic growth and job creation,” said Etleva Koka, IFC's Regional Industry Manager, Financial Institutions Group, Europe. “By expanding access to global markets and supporting local businesses, this collaboration underscores IFC’s commitment to supporting Armenia’s sustainable development and economic resilience.”

Worth to be noted, this is the second cooperation agreement signed with Converse Bank in recent months. Under the previous agreement signed late last year, IFC provided 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.