IFC to hold seminar on economic crisis management for Armenian, Georgian banks

YEREVAN, April 30. /ARKA/. The International Financial Corporation (IFC) will hold a seminar on issues of economic crisis management for workers of Armenian and Georgian banks.

IFC is a member of the World Bank’s group and assists banks of Armenia and Georgia in decreasing risks in issuing loans to local entrepreneurs and small businesses in strengthening their potential. As a global response to crisis, IFC is going to hold a seminar “Overcoming the Storm” for assisting banks of Armenian and Georgia in preparation for the crisis and overcoming it, the Corporation’s press-service told ARKA.

Executive directors and managers of large financial companies, financial regulators will participate in the seminar to learn a lesson from the previous economic crisis and discuss the strategy for managing the current one.

Seminar will be aimed at issues of steps, implementation of which will best regulate the situation when borrowers have difficulties paying the credit.

IFC experts who have experience in solving similar problems in Asia, East Europe and Latin America will introduce their knowledge in these issues.

IFC Regional Director for Caucasus Thomas Lubeck stated they are ready to share their global experience with heads of financial companies of Armenia and Georgia. He said participants of the seminar will learn how to prepare and manage financial difficulties among borrowers.

IFC is a large financial company and carries out investments in private sectors of newly established markets. It has large-scale initiatives aimed at managing global financial and economic crisis by private enterprises.

Sponsoring of these projects around the world is expected to total 31bln USD in three years. Funds of IFC will be joined with other sources, namely investments of governments and other international financial institutes.

IFC is also aimed at contributing to reduction of poverty and increasing standard of life. The corporation spurs stable economic growth in developing countries and assists to development of private sector, consolidating private capital and rendering consulting services to entrepreneurs and governments.

IFC investments amounted to $16.2bln in 2008, an increase of 34% against the year before. G. S. –0--