ECLOF-issued crediting AMD 880 mln

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Economy

28.08.2007, 20:21

The volume of crediting by the Ecumenical Church Loan Fund (ECLOF) in Armenia is currently AMD 880mln (about $2.6mln),Chairman of the Central Bank of Armenia (CBA) Tigran Sargsyan stated in his interview to the Public Television of Armenia.

YEREVAN, August 28. /ARKA/. The volume of crediting by the Ecumenical Church Loan Fund (ECLOF) in Armenia is currently AMD 880mln (about $2.6mln),Chairman of the Central Bank of Armenia (CBA) Tigran Sargsyan stated in his interview to the Public Television of Armenia.

“Thousands of families have received credits from ECLOF. Over 1,500 credit portfolios have been formed,” Sargsyan said.

He pointed out the necessity for doubling crediting in a short period.

A 5-day ECLOF conference of national committees of countries of Europe, Asia and the Pacific region was opened in Tsakhkadzor on Sunday.

The Ecumenical Church Loan Fund (ECLOF) is a non-profit ecumenical organization. It was incorporated in 1946 in Geneva, Switzerland.

Initially, ECLOF granted loans to rebuild churches in central and Western Europe after World War 2.

At present, ECLOF has 34 National Committees with its secretariat in Geneva. The Fund has allocated funds for implementing programs of micro financing. The Fund finances about 500,000 people, considering that its mechanism of reducing poverty is rather effective.

The Fund’s office was established in Armenia in 1999 on the initiative and by the invitation of the Armenian Apostolic Church and cooperation with other churches, the World Council of Churches, UNDP, UMCOR, French organization AFDI, Izmirlyan Fund, Armenian-American joint enterprise Alfa Plus Consulting, Mission Armenia NGO. The organization had conducted activities in nine regions of Armenia by 2007. P.T. –0--

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